A regular APX loan is a one-time, fixed-term loan: you borrow a set amount and repay it over a set schedule.

An LOC is revolving: your draws form one aggregate outstanding balance, you can repay and redraw at any time, and there's no fixed repayment schedule during the facility term.

The LOC also carries a higher interest rate than a comparable 12-month loan, since you're paying for that added flexibility.