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Updated over 10 years ago on . Most recent reply

David Green's profile image
David Green's profile image
David Green
  • Investor
  • from La Grange, Illinois
  • Member since Aug 27, 2015

User Stats

63
Posts
9
Votes
David Green's profile image
David Green's profile image
David Green
  • Investor
  • from La Grange, Illinois
  • Member since Aug 27, 2015
David Green
  • Investor
  • La Grange, IL
9
Votes |
63
Posts
Private Lending & Conventional Mortgage Advice

1st position LOC on investment properties in in Chicago

David Green
  • Investor
  • La Grange, IL
Posted

Hi All

I picked up an investment condo a couple years ago in the western suburbs of Chicago and would like to tap some of my equity for reserves via a HELOC.

I have only found one option which is Wells Fargo. They offered me 60% LTV at a valuation that is below market IMO.

PenFed was the only other place that that I spoke to that would consider a LOC on an investment property but they are not willing to do first position liens on LOC.

Has anyone had any recent success with Chicago lender who offer a 1st position LOC secured by investment property?

Many Thanks

-David

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