Investment Loan HELOCS
Does anybody know of any lenders still offering lines of credit on investment loans? Any help or recommendations would be greatly appreciated. I have tried many banks to no avail.
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I do not know of any. Do you have the equity can could do a cash-out?
Quote from @Isaiah Almasy:
Does anybody know of any lenders still offering lines of credit on investment loans? Any help or recommendations would be greatly appreciated. I have tried many banks to no avail.
A bank local to me in Monroe, WI does, I have several HELOCs on investment properties with them. The Bank of New Glarus/Sugar River Bank branches. I'm unsure if they lend out of state or not.
@Isaiah Almasy - I am pretty sure American Heritage Credit Union offers these types of products. You do have to become a member to access their loan products though.
Additionally, I would recommend reaching out to all the local banks and credit unions in your area (within 45 miles) and just inquiring. That is how I found a majority of my HELOC and RELOC companies, by just calling and asking. For instance, Webster Bank near me (in Mass) offer these types of products but you have to be geographically located close to the bank. You can also inquire with local Facebook real estate investing groups. That is a great resource as well.
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These are going to become more common as lenders want to have deal flow, but investors are unwilling to give up on their 2 and 3% fixed rate first position liens. I will say private lenders may also be a good option if you can educate them on the upside and how they are protected. It may be easier to just get a 2nd loan without the HELOC part as private lenders will want the capital deployed if it is being tied up. A private lender will want to make sure the subject property is an investment property, and the funds are going to be for business purposes (buying another investment property). I also agree with others who suggest contacting local banks just asking about HELOC's on investment properties.