Heloc Lenders 10-20k range

[JayCinta Henry]

Talked to Penfed but they said their minimum heloc is 25k, my rental came in at a possible 15k. Do you guys know of any institutions that can go that lower?

[Carini Rochester]

@jaycinta henry I didn't realize he was looking for a car loan. A car loan is good vehicle for getting 15K. The closing costs for a mortgage or a HELOC is about $5000 in my experience, zero for a car loan. If he's got 15K equity in real estate, the lender will subtract out the closing costs of, say $5000 at he'll get $10,000 at closing. Obviously still have to pay back all $15,000. To me, that is very expensive money. There's probably a cheaper way to get money. The part time job idea doesn't have to be taken as the only idea, I wrote that to make the point that you should be thinking of other options.

I was glad to read @kerry baird post that there are some institutions that offer the smaller loans. I like learning. 

Jay, best of luck on your investing!