Second Mortgage or Heloc Rental/LLC

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Second Mortgage or Heloc Rental/LLC

Realtor · Vail, AZ · Member since 2015 · 67 posts · 5 votes

Hi! Does anyone know of a lender that does second mortgages or helocs on rental homes in in LLCs? I’ve talked to some lenders that state there’s usually a 4 property limit on these types of loans.

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Caroline Gerardo

Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes

720 for HELOC middle mortgage FICO not a consumer one

710 for a second same middle mortgage FICO @John Powell

Score is hard no if you don't have it on day one.

Some second lenders are hard money and 680 is the range but the rate will give you a heart attack.

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Brittany MinocchiBusiness Member
Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
3y
Quote from @John Powell:

Hi! Does anyone know of a lender that does second mortgages or helocs on rental homes in in LLCs? I’ve talked to some lenders that state there’s usually a 4 property limit on these types of loans.
I don’t know of any HELOCs for properties in an LLC, but possibly a closed end second. Single family or multi?
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John Powell
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Realtor · Vail, AZ · Member since 2015 · 67 posts · 5 votes
3y
Thank you! A second loan would be great.
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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
3y
Quote from @John Powell:

Hi! Does anyone know of a lender that does second mortgages or helocs on rental homes in in LLCs? I’ve talked to some lenders that state there’s usually a 4 property limit on these types of loans.

There's a closed end second for NOO properties, but the rate is high. Anywhere between 11-12%, 30 yr fixed. It is also a full doc loan.
What is your current 1st mortgage rate?
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Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
3y
HELOC does not allow LLC as is similar to credit card and a real person must guarantee.
2nd TD is probably hard money with low combined LTV or with 2 years net IRS taxes up to 75% some 70% combined Loan to Value.
A high FICO is required for any type of second.
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John Powell
OP
Realtor · Vail, AZ · Member since 2015 · 67 posts · 5 votes
3y
Quote from @Erik Estrada:

Quote from @John Powell:

Hi! Does anyone know of a lender that does second mortgages or helocs on rental homes in in LLCs? I’ve talked to some lenders that state there’s usually a 4 property limit on these types of loans.

There's a closed end second for NOO properties, but the rate is high. Anywhere between 11-12%, 30 yr fixed. It is also a full doc loan.
What is your current 1st mortgage rate?
Around the 2.9 range.
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John Powell
OP
Realtor · Vail, AZ · Member since 2015 · 67 posts · 5 votes
3y
Quote from @Caroline Gerardo:

HELOC does not allow LLC as is similar to credit card and a real person must guarantee.
2nd TD is probably hard money with low combined LTV or with 2 years net IRS taxes up to 75% some 70% combined Loan to Value.
A high FICO is required for any type of second.
What credit score range?
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Caroline Gerardo
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
3y
720 for HELOC middle mortgage FICO not a consumer one

710 for a second same middle mortgage FICO @John Powell
Score is hard no if you don't have it on day one.
Some second lenders are hard money and 680 is the range but the rate will give you a heart attack.
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