Rochester, NY HELOC - Help!

4 Replies

Hi forums, 

Looking to see if anyone here has experience and can assist my situation.

I've been denied two HELOC requests locally from M&T and Canaidagua NB in recent months. I'd like to obtain a LOC on my primary residence as a safety net only as I ramp up my buy and hold business. I retired from full time work 9 months ago, and have been working at my business full time since. We're recently moved to Rochester, where I have 9 investment properties in addition to our primary residence. Rentals will generate $10k/month income once they are fully performing.

Explanations of denials have been mainly around my inability to show a track record of income from my properties. I have substantial net worth IMO, and a credit score of 790 - - I can't understand why I'm being denied these LOC's when my credit history is impeccable.

Anyone here have advice or tips?   I'd like to not have to go the private lender route b/c of their cost.  Thanks.

Have you had your rental properties more than a year? How much equity do you have in your own home? those were my problems as I try to put as little money down as possible and having moved here recently myself, I couldn't get a HELOC because my properties haven't been around more than a year.

@David Stott , try smaller banks and credit unions! Northwest Savings Bank, Reliant Credit Union, Genesee Regional Bank, ect. CNB has always been very conservatie in my opinion.

@Anya K. Thank you Anya.   That's good advice and I'll consider those institutions you mentioned.

@Shannon Sadik I've owned 3 of my 8 properties longer than one year, but I'm only trying to get my HELOC on my primary residence, which I have 100% equity in although we've only owned it 6 months . . . which is why i can't understand why i can't get a LOC for $50k. it has a value of $170k, plus my 800+ credit score makes this quite unbelievable. applying with different insitutions is time consuming and frustrating for when it doesn't come through.

if anyone has any other advice, I'd welcome it!  Thanks!

@David Stott Have you had any success finding a lender to work with? If not I may have one that can help.

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