Looking for Home Equity Line on investment property - Help!

[Rudy Hassa]

Hi All,

First off I'd like to say hello to everyone as I just signed up to BP and this is my first post :)

I am looking for a home equity line on an investment property. I've talked to a few banks and they seem to have home equity line programs for primary and second homes. Does anybody know of a home equity line for an investment property that is free and clear? I'm hoping to maximize the LTV and lock in a competitive rate.

Thanks in advance,

Rudy

[Shane H.]

@Marsha Hill

I'm guessing your property is in Hutch? If so your best bet is to call the local banks there - Bank of Hutchinson - Hutch CU etc etc -- there may be a small bank in mount hope, KS, Burrton, KS or maybe as far away as Newton - I doubt any of the smaller Wichita banks would want to lend on a LOC for a property in Hutch, but you never know - Carson Bank, Stock Exchange bank Verus Bank and Equity bank would be some local Wichita banks to call.

If you go the private money route you'll get raked over the coals on fees. If your credit is good and you know how to present yourself professionally to the bank I dont think you'd have a problem, though the LTV they'll lend to will likely not be terribly high. Probably 60% max LTV range - 70% if your lucky if I had to venture a guess.

Personal Financial statement, 2 yrs tax returns, probably 3 years income, property income/loss statement - rent roll if you can go as far back as 2009, profit/loss on this property are all things that will help you - a PFS will be a requirement at most of these banks.