Home equity line of credit Tri-Plex

7 Replies

Hey everyone pretty new to the forum.  Seems to be a great place.  My question is about two years ago I bought a triplex as my primary residence. I have been living in one of the units and rent out the other two.  Recently I have been trying to get a home equity Line of credit.  I have tried several banks, and even though its my primary residence, they are giving me a hard time, as they seem to think of it as investment property.  Does anybody have any experience with this, and know any banks that will lend?  They all all have no problem giving me a home equity loan.  Thanks appreciate the feedback

Have you considered just doing a full on refiance?   It is your primary residence and an investment property.   You an try a private lender/investor who is looking for a decent return on investment

Gerald,

Thanks for the reply.  I can do a refinance but doesn't make sense considering my rate and don't currently have a use for the money as of yet.  Just thought a line would give me the flexibility

Good luck.  If you find anyone that does this, let me know!

HELOC's are still hard to come by even with single family residences. Not to say there aren't people doing it, but its not like the good old days.

I own a duplex (live on one side) and recently got a HELOC from Whitney Bank. Not sure if they are in FL.

There were no questions or problems about it also being a rental property, and they were fully aware it was. I actually found the process much smoother and faster than I was expecting. They even paid the $500 appraisal fee.

Hello, you may want to call a national bank such as Quicken loans to see if they do HELOC'S. I have several friends that love doing business with them and I had contacted them myself to ask about their rates etc a while back and they have a lot of financing options, even for investment properties, so they may do them but not 100% sure.

@Jared...I just wanted to caution about Quicken Loans and HELOCS. I tried them for my HELOC about 2-3 years ago...and specifically chose that I was only interested in a HELOC.

I got a TON of telemarketing calls from companies they sold my info to and NONE of them did HELOCs, only refis and/or original loans. Needless to say, it was highly annoying and aggravating.

Of course, the OP might have better luck than I did. But that is one of the dangers of giving contact information to websites who just mine it out to others.

@Jennifer T.  Yeah, I have seen this happen using many companies, online especially due to lead links etc. I recently got a lowe's card again after several years and have no other cards. My mail box started getting filled daily with other credit card company offers. They know when you apply for anything these days b/c all these companies sell information as another income source. Besides that, they know when your credit gets pulled and for what so I wouldn't doubt the credit score agencies are probably the worst for selling information. 

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