Investment Property HELOC
Hi everyone, I'm looking for a bank that does HELOC's on investment properties. I planned on just doing a refi on my first two properties but the appraisals just came in too low. I didn't really rehab them much but was thinking the hot market pushed the process up enough. Anyway, that's a no go now. I need a HELOC on them to get access to more funds. Talked to a few banks that won't do it because they are in my LLC'S name. PenFed being one of them. My local credit union won't do it either, they also won't do a business LOC because the business is only 1.5 years old. Any suggestions?
It sounds like an ideal moment to either plow some more money into savings or seek private funding.
Perhaps if you find a modest flip you can infuse cash into your system in a hurry and build your network at the same time?
Otherwise, seek a local bank. I have an investment property with a 1st Position HELOC on it that I use for all my funding. None of the big banks would consider me at the time either. Best of luck!
@Duston Gladfelter Any luck finding a bank/lender to do this? I also spoke with PenFed and had a similar experience.
Not sure where you are located but East West Bank will do it if the property is in San Francisco or in most nearby counties. Expect to pay 4% and some change.
Thanks @Darius Ogloza! I'm in SF but the property is located in Cleveland, OH.
No luck Lesley, not with the HELOC. But, the market has continued to rise and we got them refied and will actually be getting an additional 10k after closing. We planning on using our primary residences equity to make more purchases with a HELOC or HE loan. We may also be able to get a business LOC now.
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Originally posted by @Duston Gladfelter:Hi everyone, I'm looking for a bank that does HELOC's on investment properties. I planned on just doing a refi on my first two properties but the appraisals just came in too low. I didn't really rehab them much but was thinking the hot market pushed the process up enough. Anyway, that's a no go now. I need a HELOC on them to get access to more funds. Talked to a few banks that won't do it because they are in my LLC'S name. PenFed being one of them. My local credit union won't do it either, they also won't do a business LOC because the business is only 1.5 years old. Any suggestions?
Buy your next deal using a traditional mortgage and your own name. You'll only need to put up 25%.
Any luck on finding a bank or credit union that offers this? I am in Michigan and looking for a HELOC on my investment property, it is held in an LLC.
No luck Amy, but I did recently do a refi on them and it turned out great for me.
Google search "investment property heloc my perfect mortgage". I spent about 3 weeks putting together a list of investment property HELOC lenders in every state. Just can't link it here directly.
Quote from @Tim Lucas:
Google search "investment property heloc my perfect mortgage". I spent about 3 weeks putting together a list of investment property HELOC lenders in every state. Just can't link it here directly.
Which website/company?
Quote from @Tim Lucas:
Google search "investment property heloc my perfect mortgage". I spent about 3 weeks putting together a list of investment property HELOC lenders in every state. Just can't link it here directly.
Tim, I may be missing something, but I didn't find your list. Can you message me here with the link?
Quote from @Lesley Ray:
Quote from @Tim Lucas:
Google search "investment property heloc my perfect mortgage". I spent about 3 weeks putting together a list of investment property HELOC lenders in every state. Just can't link it here directly.
Which website/company?
Sorry, should have been more clear. Look for a site My Perfect Mortgage dot com. Should be the first non-ad result in Google when searching "investment property heloc my perfect mortgage"
@Tim Lucas you are a godsend. tysm!!!!!
Great! Sorry for the runaround! Sometimes my comments get blocked if I actually include a link or URL.