Rental Property Investor · Anne Arundel County, MD · Member since 2019 · 23 posts · 7 votes
Good Day! Does anyone know of any banks offering HELOC's on investment properties at this time. I am aware that some banks have tighten there lending practices. Thank you all in advance!
Lender · Rockville, MD · Member since 2008 · 498 posts · 199 votes
3y
@Account Closed, try and do a search on here. There's been a ton of posting on this subject but I am not sure how recent they are. One in particular that https://www.biggerpockets.com/... named a number of lenders that you could dial and ask. Good luck.
Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
3y
You are actually looking for a business line of credit aka a commercial line of credit. Contact the commercial banker at the bank that has your current mortgage. They can likely put something together for you. If you keep the same bank, they will be much more willing to offer the credit line as they still have first lien with the primary mortgage.
You are actually looking for a business line of credit aka a commercial line of credit. Contact the commercial banker at the bank that has your current mortgage. They can likely put something together for you. If you keep the same bank, they will be much more willing to offer the credit line as they still have first lien with the primary mortgage.
yeah, I second this. I did this with a community style, mid sized bank.
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
3y
@Account Closedthere are not very many rental property heloc lenders out there and the ones that exist will likely have high rates / low LTVS and liukely tight underwritng terms ....check with the smaller credit unions and banks that are close to the proeprties you want to leverage
Rental Property Investor · Anne Arundel County, MD · Member since 2019 · 23 posts · 7 votes
3y
@Dave Skow Thank you for the insight and information. I recently reached out to TD Bank, who offers HELOC's on investment properties. I will also checkout some local credit unions and smaller banks as you suggest. Thank you again!