The local lender we tried to secure a HELOC with said they could not lend on a property with two dwellings on it. Has anyone else run into this and found a lender that will?
2 bed 2 bath with a detached garage with a 1 bed 1 bath above it
The property has a loan on it, I believe dividing it into two parcels would be difficult.
@Joseph Chiofalo we are looking at $100-125k. This HELOC is for our primary residence and we are looking into investing in long term rentals with the HELOC.
I got your message to connect, I can send you over an email if you'd like to chat further
I would try another lender. I was able to get a HELOC on my property that has a legal mother daughter apartment and they just factored that into the value of the property to calculate how much equity I was working with. They are not separately deeded are they?