HELOC on an investment property ?
3 Replies
Andrea Chester
Rental Property Investor from Charlotte, NC
posted almost 2 years ago
Our current investment property started as our primary residence. We have about $75k equity but didn't realize we couldn't take out a HELOC once it was rented. Does anyone know if a small banks or credit unions that will do this? The property is in Charlotte, NC. Refinancing doesn't make sense right now for this house. Looking for creative ways to get put money back out.
Tim Sherrod
Rental Property Investor from Raleigh, NC
replied almost 2 years ago
Two options that I’m aware of that give HELOCs on investment properties:
• Navy Federal Credit Union
• Wells Fargo (can’t have > 4 properties with mortgages though)
Good luck!
Jaysen Medhurst
Rental Property Investor from Greenwich, CT
replied almost 2 years ago
@Andrea Chester , some local banks may offer this. Pen Fed Credit Union does 80% LTV HELOCs on investment properties.
John Morgano
from Fort Mill, South Carolina
replied almost 2 years ago
TD Bank does. I have 3 investment properties that I took HELOC's on each.