Colorado Spgs, CO · Member since 2018 · 9 posts · 1 vote
Anyone know if there is a credit union (ideally) that will work with me on getting a HELOC on 2 of my rentals in Kansas and Indiana? Looking to expand my portfolio and would like to utilize the equity without going through a refi process. Thanks in advance!
Hey Matthew - I have an investor doing something similar to it sounds like you're looking to do. He told me he is using Community America because they do a 100% LTV ratio.
Hey Matthew - I have an investor doing something similar to it sounds like you're looking to do. He told me he is using Community America because they do a 100% LTV ratio.
I'll check into these, one additional detail is I own 4 properties currently, apparently PenFed 4 is the cut off they won't do HELOCs after 3 total properties
@Matthew Lucherini Understand why the HELOC is appealing. However, if that doesn't pan out - keep me in mind as we have a cash out 30 year rental loan product with the loan supplied to the LLC (stays off credit). If the property(s) is currently in your name it can be transferred to the LLC at the loan closing. There is NO CAP on the number of loans you can have in this way. The lease income is the income source (no tax returns, bank statements), not your personal income. Message me if you have q's.