Rental property HELOC in NY - anybody still doing these?

Question

Hello everybody!

I have a few rental properties that are owned free and clear. I would love to get a HELOC or two instead of doing a full refi. Upstate NY. The current climate for HELOCs, and especially investment HELOCs, seem a bit bleak.

Anybody have any (relatively recent) experience with companies doing HELOCs on investment properties (without too crazy fees) ?

Thank you!

Beauford Jefferies · Answer

@Lauritz M. I completed a Heloc around 2 years ago with a local bank that I was establishing a relationship with by way of my mentor reference. I would say if you have a good relationship and the terms and timeframe is a viable option start there. Good thing about the Heloc is you don't pay unless you pull funds. Side note you want to execute your plan to ensure you minimize the amount of months that you are paying back funds then move to a refi option if your purchasing or renovating to extract more cash then lower risk exposure with caring unlocked rates in a short timeframe. Hope this helps!

Erik Estrada · Answer

Unfortunately I have not seen a LOC, however there are standalone DSCR Seconds available!

Doug Smith · Answer

Oh boy! If you would have said any other state than NY, I would have said sure. That is the one state we won't set foot in because the laws are such a mess for lenders. That being said, HELOCs on investment property as still alive and well up for between 70%-75% LTV...somtimes 80% with great credit and the right circumstances. I know that's not helping, but, from my perspective, the truth. Good luck in your search.

Joel Weiser · Answer

Hi Lauritz,

We offer Helocs in NY (and other states). It's very easy to apply. You'll get an offer, and only if you accept the offer will the system do a hard credit inquiry. Everything is online, quick, and easy. Please use the following link, and feel free to reach out if you have any questions.

https://nftydoor.com/remn/go-rascal-inc./joel-weiser/signup

Thanks

Joel Weiser

Eric Friedlander · Answer

For sure there are still rental property HELOCs in NY, but availability and terms have tightened, so you really need to shop around. Rates, LTVs, and underwriting can vary significantly between lenders.

I work with a handful of NY lenders who are still actively doing these loans, especially since conventional mortgages have slowed with the current economy. If you’re looking for one that fits your property and cash flow, comparing a few options is key. It’s not just about the rate, but also terms, draw structure, and getting a lender who will work with you through the process. Always happy to chat further.

Lauritz M. · Answer

Thank you Joel, I will check this out!

Jaycee Greene · Answer

@Lauritz M. Have you contacted any banks or credit unions in your market?

Lauritz M. · Answer

Their responses was that they do not offer HELOCs in the case of Chase and the two loan brokers I know. For the credit unions they offered HELOCs, but only on primaries.

Jaycee Greene · Answer

@Lauritz M. And what were their responses?

Rental property HELOC in NY - anybody still doing these?

Rental property HELOC in NY - anybody still doing these?

Most Popular Reply

11 Replies