Asset Based HELOC

Asset Based HELOC

Investor · Bronxville, NY · Member since 2016 · 8 posts · 2 votes

Does anyone know of a financial institution that will offer a HELOC on an investment property based solely on the Asset. I was just turned down for a HELOC due to my DTI, since I am trying to get a sizable HELOC ($500k). I have over a $1M in equity on the property and even taking out $500K would leave me with over 30% equity in the property. However my income isn't high enough. Does anyone have ideas on what I can do. I would love to tap into that equity and acquire more property.

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  • Aaron HowellBusiness Member
    Real Estate Agent · Crozet, VA · Member since 2014 · 436 posts · 223 votes
    10y

    You could do a cash out refinance.  Then you'd have a certain amount up to the Loan to Value limit the lender specified.  

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