Non Owner Occupied HELOC's

13 Replies

Hi BP, 

I am under contract on a duplex located in Glens Falls New York. After I take ownership I would like to get a HELOC on the property once I complete renovations.. The value will be there when all is completed..

I feel like I have hit a road block- all the local banks around me really only do owner occupied HELOC's.

Can anyone recommend a bank with decent terms for a non OO HELOC?

Thanks, 

Dylan 

Would that be any different than taking a cash out REFI and then putting the cash in a safe place (like a savings account)?  Maybe the bank would do that for you, they could hold the REFI and they could keep the cash in their savings account.  Would accomplish the same thing, though you would float a little more interest I guess.

Originally posted by @James Martin :

Would that be any different than taking a cash out REFI and then putting the cash in a safe place (like a savings account)?  Maybe the bank would do that for you, they could hold the REFI and they could keep the cash in their savings account.  Would accomplish the same thing, though you would float a little more interest I guess.

I would like to have available cash on hand for another purchase.. I guess I could look into a COR as well.

@Dylan M. I’m assuming you’ve looked into Hudson River credit union? I’ve called numerous banks/credit unions over the years for various things and more times than not they’re the one who seems to pull through

Originally posted by @Brian V. :

@Dylan Mejo I’m assuming you’ve looked into Hudson River credit union? I’ve called numerous banks/credit unions over the years for various things and more times than not they’re the one who seems to pull through

 I’ve talked to HRCCU quite a few times. They don’t seem to be investor friendly at all. Not counting property income at 75% when property hasn’t been on sched E for 2 years, no income is counted on purchase property. I have used Trustco more times than not an they, by far, have some of the best products in the area imo. 

I closed on this heloc with PenFed. 

@Dylan M.

I’ll have to give Trustco a call. I’ve only used HRCCU for personal products, but yes they don’t seem too open minded about investing. Adirondack Trust has given me similar results. I’ve heard of a company called Ridge Lending Group through different podcasts.

Originally posted by @Brian V. :

@Dylan Mejo

I’ll have to give Trustco a call. I’ve only used HRCCU for personal products, but yes they don’t seem too open minded about investing. Adirondack Trust has given me similar results. I’ve heard of a company called Ridge Lending Group through different podcasts.

I bank with HRCCU- personal products are great. Trustco will go 95% ltv on OO 2 units no pmi and 89.5% ltv on 3-4 OO units. I cash out refied with Trustco as well this past year. They're very investor friendly.

Currently on the hunt for a 3-4 unit if you know of anything for sale not on the market in Queensbury, GF or LG. 

@Dylan M.

This is the only one I’ve come across recently that appears to be off market.

https://glensfalls.craigslist.org/reb/d/glens-falls-investor-deal-glens-falls-2/6812515266.html

180 Montray rd in queensbury has also peaked my interest

Originally posted by @Brian V. :

@Dylan Mejo

This is the only one I’ve come across recently that appears to be off market.

https://glensfalls.craigslist.org/reb/d/glens-falls-investor-deal-glens-falls-2/6812515266.html

180 Montray rd in queensbury has also peaked my interest

I’ve seen those, Lawrence street duplex is not really even offered at a discount for the work that is needed.. plus it’s on the iffy side of town. Montray is a decent building that needs quite a bit of work. It wasn’t offered about a year ago at a much higher price. I peeked in the windows about a year ago, the one apartment seems to be in decent condition. Not too sure what’s going on with that building but it has had a significant price drop and no one has bought it so I am curious as to what’s up with it, haha.  

Call PenFed on Monday and thank me later. They're a PITA but fantastic LOC rates on investment property as long as you have less than 3.