HELOC Lender Information Requested

[Tyren Robinson]

A lot of information within the real estate space sounds good in theory, but the application seems more daunting. I own a SFH rental property in Clarksville, TN, and have been trying to obtain a HELOC on the property. I reached out to several banks and was informed I cannot get a HELOC, because the property is a rental. There is about $120K in equity I want to leverage. The mortgage is $1,470 and I have been renting the property for $2,300 for the last three years. I assumed this would be beneficial to me obtaining a HELOC, but it has not been favorable in my quest. Does anyone know of a lending institution that does HELOCs on rental properties? Any information provided would be greatly appreciated.

[John Williams]

Quote from @Tyren Robinson:

A lot of information within the real estate space sounds good in theory, but the application seems more daunting. I own a SFH rental property in Clarksville, TN, and have been trying to obtain a HELOC on the property. I reached out to several banks and was informed I cannot get a HELOC, because the property is a rental. There is about $120K in equity I want to leverage. The mortgage is $1,470 and I have been renting the property for $2,300 for the last three years. I assumed this would be beneficial to me obtaining a HELOC, but it has not been favorable in my quest. Does anyone know of a lending institution that does HELOCs on rental properties? Any information provided would be greatly appreciated.

Hey Tyren, I am a local (Clarksville, TN) real estate broker, property manager, and real estate investor. Try Fortera Credit Union, Cumberland Bank, or Altra Federal Credit Union. They are all local and I've had success with getting HELOC's with all of them.

Cheers!