I am going to close on a property by March 31st which I am going to purchase cash and own out right with no mortgage.
The property will be purchased by my LLC and I am wondering 2 things
Can I get a home equity loan on the property that’s owns by my LLC
and if yes, is there a waiting period from the time I purchase to the time I can apply for some type of loan where my property is collateral. Any help would be appreciated
Try your local community banks and credit unions first. Community Credit Union of FL will do HELOCs on investment property, but may not in an LLC. I'm waiting to hear back on that. You might also try Quorum, as I understand they will do an equity line on a house held in an LLC. Haven't used them, though.
@Emilio Pereira thanks 1) you wqill have a challenge finding a lender willing to do a heloc to a LLC 2) another challenge - most lenders wont do helocs in 1st position 3) most lenders will not do helocs on rental properties