I own a SMF (2 units) free and clear (would appraise for 60-70k) and I'm looking for a way to pull money towards my next deal. I've reached out to a few small banks and i got the same answer "we don't lend below 75K" or "we don't lend if the house is on LLC"
I tried to get a HELOC but i got the answer "we don't do HELOC if it's not an owner occupied and it's on LLC"
@Jo W. , there a few national credit unions that do HELOCs on investment properties: Pen Fed & Navy Federal.
@Jaysen Medhurst Thank you so much! looks like they will be able to do it :)
@Jo W. , awesome! Keep us posted.
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