Heloc loan Troubles, any help!??

[Garrett O.]

Need help looking for a family member to get a heloc loan but seems to be having trouble finding a company who can do it on this property. If anyone has contacts they think could help lenders, etc. Please let me know or guide me to some people, we would really appreciate it. Here's a little about us and the property below

-Investment Property

- 2 houses on 1 lot (seems to be main issue with most)

-Approx Value 1.4 million

-first loan I believe is around $700,000

-Fico score is around 780 I believe

-LTV 65% to 70%

-Approx cash $200,000 looking for

-funds are for improvements

Also here are is some info on the owner, and what they have questions on.

+Owner is self employed, 40 yrs general contractor (sole proprietor), has 2 yr tax return

1) Prime rate + (?)- points to add for interest rate amount?

2) points cost for loan?

3) 10 yr adjustable-due in 10 yrs?

4) lock in rate at any time?

5) no pre pay penalty?

6) can you refi into 30 yr fixed?

[Andrew Garcia]

Hi @Garrett O. someone made a list HERE.

The list is a little dated so you might have to call around.

You can also look into getting a HELOAN.

A HELOAN is a fixed-rate, fully amortizing loan in a second position.

It is essentially a second mortgage. These loans are much easier to find than HELOCs.

The rate will be higher than a HELOC or first-lien mortgage, however.

If you would like a referral to a HELOAN lender, feel free to reach out.

Either way, the 2 houses on 1 lot will probably cause some issues. I would lead with that when calling around.

Hope this helps!

[Garrett O.]

Quote from @Andrew Garcia:

Hi @Garrett O. someone made a list HERE.

The list is a little dated so you might have to call around.

You can also look into getting a HELOAN.

A HELOAN is a fixed-rate, fully amortizing loan in a second position.

It is essentially a second mortgage. These loans are much easier to find than HELOCs.

The rate will be higher than a HELOC or first-lien mortgage, however.

If you would like a referral to a HELOAN lender, feel free to reach out.

Either way, the 2 houses on 1 lot will probably cause some issues. I would lead with that when calling around.

Hope this helps!

 Appreciate the post for that list Andrew! I'm checking it out this weekend and looking into some this week. Yes, we talked about a HELOAN as well. It might be a possible route to go also. I will get Back to you on the possibility for the HELOAN referral. 

Thanks a lot. Really appreciate your time here. Enjoy your weekend 

[Zach Wain]

@Garrett O. Rental homes in general are very challenging to get a HELOC. I would like to get the HELOC on his primary home, or do a full cash out refi on the rental property to access the money. If you want to me send me more particulars or more questions I am happy to help