A HELOC for my property

1 Reply

Hey BP members, We have a duplex and own free & clear. It's a 260k property. We would like to get a HELOC and buy another property with a combination to what we have in savings. My question is that who, where on BP can anyone direct me to my best Real Estate friendly HELOC bank. My local credit union is too rigid. Any advice? -Marty

@Marty Summers It's been my experience that all banks have different appetites for risk, properties, and borrowers. I'd recommend talking to the smallest 5 or so banks or credit unions in your area, particularly with a portfolio/commercial lender. 

Depending on the purchase price of the new property, a 260k free-and-clear property should give you plenty of ability to purchase a new property if you have a willing and creative lender.

Just keep calling banks in your area until you find one. I'm sure there's one that will work with you.