Hello! I am buying a house to flip in Texas and would like to use the equity in a rental property of mine which is also in Texas to complete the purchase. I would like to do a HELOC through a bank as they typically have very low or no closing costs associated with them and this will be a short term loan (3-4 months max). I am not concerned with the rate because of the short term but really would like to avoid origination fees and closing costs. Does anyone know of any banks/lenders out there who offer this with a 70%-80% HCLTV? I currently have a first lien on the rental property at about 50% LTV. Thanks.
Hello! I am buying a house to flip in Texas and would like to use the equity in a rental property of mine which is also in Texas to complete the purchase. I would like to do a HELOC through a bank as they typically have very low or no closing costs associated with them and this will be a short term loan (3-4 months max). I am not concerned with the rate because of the short term but really would like to avoid origination fees and closing costs. Does anyone know of any banks/lenders out there who offer this with a 70%-80% HCLTV? I currently have a first lien on the rental property at about 50% LTV. Thanks.
HELOCS on investment properties are hard to come by, and as mentioned, I guess in Texas you can't do them. Cash out is going to be your best option.
Flipper/Rehabber · Staten Island, NY · Member since 2017 · 7 posts · 3 votes
7y
I'm in a similar situation to you. Unfortunately, I don't have any specific recommendations. From my research so far, it seems like the best bet on this will be a small local bank or credit union. After some searching on google for banks around my rental (out of state), I just finished compiling a list of 12 banks/credit unions with the phone numbers to their loan departments. Plan on calling them all on Tuesday when banks reopen to see what they can do for me. Good luck in your search.
Hello! I am buying a house to flip in Texas and would like to use the equity in a rental property of mine which is also in Texas to complete the purchase. I would like to do a HELOC through a bank as they typically have very low or no closing costs associated with them and this will be a short term loan (3-4 months max). I am not concerned with the rate because of the short term but really would like to avoid origination fees and closing costs. Does anyone know of any banks/lenders out there who offer this with a 70%-80% HCLTV? I currently have a first lien on the rental property at about 50% LTV. Thanks.
HELOCS on investment properties are hard to come by, and as mentioned, I guess in Texas you can't do them. Cash out is going to be your best option.