Trouble refinancing or HELOC for an investment condo

Trouble refinancing or HELOC for an investment condo

Sarasota, FL · Member since 2017 · 31 posts · 3 votes

Hi everyone, we purchased an investment condo that our daughter will be using for a few years. Due to the # of investors we needed to pay cash for the property. My goal was to either get a HELOC against the Condo or possibly refinance pulling cash out when we find another property. What we have been running across is so far no one will HELOC or refinance the condo since it isn't our primary residence. As I listen to the webinars and podcasts it sounds like this is a pretty normal thing. Any suggestions for someone starting out? Is it just bad luck for us and we haven't found the right place yet? Thank you all for reading and appreciate the advise/guidance.

0Reply
13 views

4 Replies

Jump to latestLatest
  • Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    Not sure if the condo makes a difference but PenFed does investment ones.  You might have better luck with smaller credit union vs big bank...

  • Sarasota, FL · Member since 2017 · 31 posts · 3 votes
    8y

    @Matt K. thank you.  I'll start looking for local banks or credit unions.

  • Harjeet BhattiPro Member
    Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes
    8y

    Any lender will be able to cash out from investment. There are few lenders who can offer HELOC on investment.

  • Sarasota, FL · Member since 2017 · 31 posts · 3 votes
    8y

    @Harjeet Bhatti thank you and that does make sense.  

Join the conversationCreate a free account to reply, vote on answers and follow this thread.