Home Equity Line of Credit after 4 Properties

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Home Equity Line of Credit after 4 Properties

Annie Li
Rental Property Investor · La Puente, CA · Member since 2015 · 87 posts · 20 votes

Hi...My bank that I currently have an equity line of credit with rejected my request this time because I have more than 4 properties now.   Does anybody know if any bank can offer this type of loan if you have more than 4 properties?  The property is in Indianapolis, Indiana.  Many thanks.

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  • Matt H.
    Real Estate Broker · CA · Member since 2016 · 243 posts · 226 votes
    9y
    Doesn't matter how many you have if it is on your primary. Once you have a lot of loans hard to get helocs on anything other than your primary. If on your primary then just get a different bank.
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  • Nathan Letourneau
    Investor · Hudson, WI · Member since 2016 · 82 posts · 18 votes
    9y

    If it is not your primary, try Wells Fargo. They have the 4 limit as well, but they can ask for an exception. 10 yr term, only 60%LTV, decent rates

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  • Rosston Smith
    Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    9y

    Speak with multiple different banks. You can find a way around that for sure.

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  • Rosston Smith
    Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    9y

    Speak with multiple different banks. You can find a way around that for sure.

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  • Annie Li
    OP
    Rental Property Investor · La Puente, CA · Member since 2015 · 87 posts · 20 votes
    9y

    Thanks for everyone's quick response.   This is not my primary.  I will call more banks to try.

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