HELOC on non owner occupied property

[Account Closed]

I have a 3 unit in northwest Ohio that I bought with cash at tax auction, needing $60k in rehab. Current Reserves I have about $20k. One of of my rental units SFR appraises at $50k. I own that unit free and clear. But with renters in place I am having trouble finding the lender to accommodate a HELOC hopefully about 80% LTV Ratio so about $40k so I can complete the rehab and put tenants in place. Ideas or advice on what lenders in Ohio? I feel as if national lenders do not want to loan HELOCs on non owner occupied properties with the low amount of only $40k. Thank you for anyone taking time to respond!

[Scott Bean]

Charley, 

I just did a HELOC on a condo I own free and clear to fund a project. I met with my local credit union and got 75% LTV at 3.75% and 1 pt to close. I went prepared with all my info on the property, its value, my situation, credit scores, everything to show them this is a slam dunk loan for them. After I got a verbal approval we closed in about 5-7 business days on the loan. If you can meet locally with someone and show them in person it is a good deal for them it changes the scenario. You become more than just a formula on paper. I tend to appreciate the phrase more now days, "In business, as in life, you don't get what you deserve, you get what you negotiate."