HELOC on an investment property?
Does anybody have any information on home-equity line of credit for investment property? My credit union says they don’t do those and never have done them.
Additionally, is it possible to get a home-equity line of credit on your primary residence and then put it up for sale during that term?
i’m just trying to get creative with things while I start to build my empire!
@Joe Maurer first you are using the wrong terminology. Of course you cannot get a Home Equity line on an investment property. It is not your home. As silly as it seems there are lenders who won't make the connection even though they may make secured credit lines on investment property.
Yes you can get secured credit lines but not all lenders will make them
is it possible to get a home-equity line of credit on your primary residence and then put it up for sale during that term
Yes of course. Just like any mortgage it will get paid off at the sale of the property.
So I should change my terminology with the bank? I’m trying to go through an FCU. How should I ask?
I can go ahead and use my home I live in, but I just refinanced it. Does that matter?
I know there’s a lot going on here but I do have some equity and I want to leverage is much as I can.
Thanks for getting back to me.
Originally posted by @Joe Maurer:So I should change my terminology with the bank? I’m trying to go through an FCU. How should I ask?
I can go ahead and use my home I live in, but I just refinanced it. Does that matter?
I know there’s a lot going on here but I do have some equity and I want to leverage is much as I can.
Thanks for getting back to me.
You ask them for a secured line of credit with your investment property as the security, not a HELOC.
Yes you can get a HELOC on your primary residence and then put it up for sale, but your would have to have it paid off at closing or prior to closing of course. Not sure why you would want to list your primary right after you get a HELOC, that does not make any sense to me.