Investor · Central Oregon · Member since 2018 · 11 posts · 3 votes
We have a rental property (a duplex) in Missouri with a 3.5% rate and a decent amount of equity after our renovations. Originally we were going to cash out refinance, but with rates as they are today it doesn't make sense to do so. I've searched the forums and called a fair amount of financial institutions in search of a HELOC for the property. Either it's not a service offered or they do not offer HELOC's on duplexes (nobody has been able to tell me why that is though). I still have a few more calls on my list to make, but wondering if someone might be able to point me in a direction of an establishment that offers a HELOC on a duplex investment property. Thanks all!
US Bank: No
Rocket Mortgage: No
TD: Not offered in MO
Navy Federal: No duplexes
SoFi: No
Rate - No duplexes
I should mention I've tried to use the 'LENDERS' tab here on BP but the link does not seem to be working for me. I'm unable to input/add/edit any info that would allow me to find lenders through this site.
Investor · Central Oregon · Member since 2018 · 11 posts · 3 votes
1y
Thanks Nicholas, that's super helpful. I'll give them a call today and see if they have any products that might be helpful. From the looks of it, they have a much broader spectrum of offerings that we might be helpful in the long run too.
Investor · Central Oregon · Member since 2018 · 11 posts · 3 votes
1y
@Josh Dan we do not own more than 10 properties and yes, it is under an LLC. I was informed we'd likely take the property out of the LLC to establish the HELOC then put it back under the LLC afterwards.