Has anyone obtained a HELOC or other similar loan on their Single Family Home Rental Investment properties Recently?
Who was the lender?
What were their rates, terms, fees, appraisal/inspection requirements?
How was your experience?
Thank you in advance for sharing...
@Mike B. Lines of Credit on an investment property are normally obtained by local lenders. The ones we use here in Texas usually only have just a few branches. If you have some investor networks in your area it would be good to attend some meetings, join their website forums, etc. You also might try a post similar to this here but use the city you are needing the LOC in the subject line to help other BP to identify your post to comment on it. Hope this helps!
Good luck. I have tried a few times and they always give you the run around on getting a HELOC on a rental property even if you have no mortgage. You must have six months of "operating expenses" cash on hand before they will get you through the next hoop. That means if you have a primary mortgage you need to have six months of mortgage payments, taxes, and insurance. They usually also make you keep six months of capex money. This requirement is for each property too... It just wasn't worth all the hassles to get a HELOC or home equity loan.
Thanks for the input guys
I have also been having issues with this. Huntington bank is able to go 80 LTV long as its in your personal name. I just went through the whole application process and they even appraised it only to tell me I have to own the property for at least a year before they can do this deal. I would think that should be one of the first questions they ask so I didnt waste a month of my time.
Oh well back to cold calls.
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