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.
Investor · Golden, CO · Member since 2013 · 37 posts · 4 votes
9y
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.
Louisville, KY · Member since 2017 · 44 posts · 23 votes
9y
@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.
Lender · Phoenix, AZ · Member since 2018 · 440 posts · 256 votes
5y
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.