HELOC in Syracuse, New York
Hola friends,
Hypothetical: I buy a house in Syracuse for cash and then need to finance the flip. (Don’t fight the hypothetical, that’s the situation)
In trying to finance the flip, which will cost between $40-$50k, the only way I can think to finance it is a HELOC. Traditional financing is probably out because of debt-to-income ratio.
Anyone know the pitfalls of getting a HELOC in New York, or have any preferred lenders?
Your thoughts appreciated.
Most Popular Reply
Thadeous,
I had luck with AmeriCU for a HELOC but that was for a primary residence. If you PM me, I can send you info on another friend who might be able to help. You can also contact @Timothy Maloney, who has other products you may be interested in that can help with your situation. He's pretty knowledgeable on flips in this area.
The one issue that may impede your progress is HELOCs are most often offered on primary residences. Some lenders will offer them for second or LLC owned properties but they go off the appraised value of the property as is, and often no more than 75%-80% of the appraised value. I am not sure where you bought that house but few properties that need flipping appraise as is for more than 75k.
HTH,
Mark