HELOC for a rental property?
Hi i have 2 rental properties: single family rented w/ maybe $225K equity and a 2 family w/ 225K equity. Looking to take out a HELOC and not sure if this is possible for a rental? Located 20 miles south of Boston.
Yes, I have posted a long list of lenders that I gathered from BP members as well as a few others I’ve used myself. Search for the word “gleaned” and find the most recent post. A BP mod asked me to not spam the list. TD Bank is an option I’ve used, PenFed is another, US Bank has long offered HELOCs on investment properties. And then local (to the property) community banks and credit unions.
Thank you very much! I will find your post.
Quote from @Kerry Baird:
Yes, I have posted a long list of lenders that I gathered from BP members as well as a few others I’ve used myself. Search for the word “gleaned” and find the most recent post. A BP mod asked me to not spam the list. TD Bank is an option I’ve used, PenFed is another, US Bank has long offered HELOCs on investment properties. And then local (to the property) community banks and credit unions.
TD now Huntington does not do investment HELOC also Pen Fed pulled out four months ago also US Bank's program is only owner occupied.
I am starting to see these HELOC options dry up for investment properties.
You may have better luck with a refi
Quote from @Issac San Miguel:
I am starting to see these HELOC options dry up for investment properties.
You may have better luck with a refi
Agreed, getting harder and harder to BRRRR, rates on investment properties, even conventionally financed are stomach-turning.