Investor · Golden, CO · Member since 2013 · 37 posts · 4 votes
Hello BP, Hopefully you can help with this one.
I recently purchased a new primary residence. It was part of a negotiated sale and I got a smokin deal. Since the sale I've moved quick and remodeled and improved the whole property. In doing so I was able build in a lot more equity. As many of us do, I use the equity in my primary residence to assist in cash flow with other investment activities. I'm running into a hurdle with the typical 6 month seasoning requirements to access the full equity amount with a HELOC or cash out second. I'm curious if anyone knows of a lender that operates in Colorado that does not require a seasoning period and will go head and provided a HELOC or Second Mortgage based on the newly appraised value and not the purchase price. With the possible interest rate increases this year I would really prefer not to wait 6 months to get this done. Looking forward to any assistance or contacts.
Thanks Travis and Bill. I've already reached out to Key bank and Westerra. Unfortunately they will only lend on the purchase price prior to 6 months after closing. The hunt continues.
@Ted DeKowzan Check out Bellco Credit Union. I am in the middle of the HELOC process with them right now. I'm not sure about 6 months, but my wife and I have been in our home for less than a year.
Hey @Jake Vayda The Life Changer Loan is a first position HELOC that goes up to 90% LTV, with no seasoning required. Value is based off appraisal. That being the case, it's popular for people who found a gem of a deal, and quick Renos. It's an incredible tool.
Hey @Jake Vayda The Life Changer Loan is a first position HELOC that goes up to 90% LTV, with no seasoning required. Value is based off appraisal. That being the case, it's popular for people who found a gem of a deal, and quick Renos. It's an incredible tool.
Do you work with a specific lender? I am in a similar situation and looking for exactly the tool you are referring to.