Updated over 3 years ago on . Most recent reply
HELOC on STR Property
We inherited a home that I am currently renovating with a HELOC I took out on our primary home. The property itself is a SFH on 44 acres. I want to get the HELOC off of the primary home as soon as I'm done renovating and get it onto the STR property. I know that loans on investment properties are harder to obtain, but will that be the case if it is a first position loan? There is currently no mortgage on the property. The loan will be under $75k, the home itself will be valued around $175k, and then there is the acreage and about a $30-$40k timber value. Anyone know of any lenders that would work with that before there is a rental history? Location is NC