HELOC Options for 2nd home. Trying to unlock equity!

Detroit, Michigan
Private Lending & Conventional Mortgage Advice
1yFollow

HELOC Options for 2nd home. Trying to unlock equity!

Adam Cole
Member since 2024 · 7 posts · 5 votes

Hello! 

One of my airbnbs in Boyne, Michigan has around 300-400k in equity locked up right now and I am struggling to get a lender to approve a Heloc. The main sticking points are that it's a second home and it has been used as a vacation rental. Has anyone else experienced this or know of a lender that may be able to help assist?

I appreciate any tips and tricks!

4Reply
43 views

9 Replies

Jump to latestLatest
  • Jeff ChisumPro Member
    Lender · All 50 States · Member since 2020 · 248 posts · 142 votes
    1y

    I can help with that!

    0Reply
    • Adam Cole
      OP
      Member since 2024 · 7 posts · 5 votes
      1y
      Quote from @Jeff Chisum:

      I can help with that!


       Hey Jeff! I will reach out directly to see what options we can work with

      0Reply
  • Jack Matthias
    Lender · Chicago · Member since 2023 · 176 posts · 70 votes
    1y

    Hi Adam,

    Have you looked in the All In One Loan (AIO). It works on second homes and investment properties. Let me know if you want to learn more. 

    0Reply
    • Adam Cole
      OP
      Member since 2024 · 7 posts · 5 votes
      1y
      Quote from @Jack Matthias:

      Hi Adam,

      Have you looked in the All In One Loan (AIO). It works on second homes and investment properties. Let me know if you want to learn more. 


       Hi Jack! I have not heard of that lender but am willing to check anything out at this point!

      If you have a direct contact please reach out, I'll check out the site now

      1Reply
  • Joey BanasihanPro Member
    Investor · Boise, ID · Member since 2019 · 234 posts · 188 votes
    1y

    Hey @Adam Cole, there are many banks and lenders that you can get a HELOC through an investment property - sounds like there might be one here. But we have a few local banks here in Boise that do that, its a great resource to help grow a rental portfolio. What kind of property or investment are you looking for next?

    [email protected]
    0Reply
  • Jack Matthias
    Lender · Chicago · Member since 2023 · 176 posts · 70 votes
    1y

    Hi Adam! Just shot you a message

    0Reply
  • Zach Berry
    Lender · Pittsburgh, PA · Member since 2024 · 63 posts · 20 votes
    1y

    Adam, hope all is well. We do STR-based DSCR loans, just no dedicated HELOC. You could do an STR cash out refi on something like this, it would just need to be 1st lien position. It sounds like there may be a conversation to be had about the tenancy situation too, but even so, give me a shout if I can be helpful with any STR need!

    0Reply
  • Joyce Ann MagallanesBusiness Member
    Lender · NY · Member since 2025 · 523 posts · 23 votes
    1y

    Hi, Adam!

    What is the total Loan-to-Value you're looking for? That's really the key factor in determining whether your Airbnb property falls within the maximum allowable limits for a conventional HELOC or if private lending would be the route to explore.

    Many conventional lenders have strict guidelines, especially for second homes or vacation rentals, which can make it tough to qualify based on equity alone. When the LTV exceeds those limits, private options sometimes become the only alternative, though they come with different terms.

    [email protected]646-914-9393
    Venture Estate Group LLC525 Reviews
    WebsiteView Page
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free