I'm looking for a financing product - not sure if it is really out there, but I would appreciate some contacts if you have any!
My wife owns a rental that used to be her primary. There is some good equity sitting there as values have gone up considerably since it was purchased and renovated.
We would like to avoid the full doc underwriting process if possible! We have a few rentals already so qualifying with conventional products is getting more and more difficult.
Max, I think the low hanging fruit here would be a simple HELOC. You could expect access to about 75% with one of those. A business LOC is probably out of reach with just a handful of properties. Outside of that, a plain old refi would do the trick, but yes, you would have to do the underwriting.
Food for thought though. A HELOC can disapear for a number of reasons. A refi is one way to truly lock in the appreciation of the property.
@Max Tanenbaum , you wrote: "We have a few rentals already so qualifying with conventional products is getting more and more difficult", and my response is: why?
Until you have 10x mortgages, shouldn't you still be good to go, conventionally?
And you already know about Asset-based Lending, so I don't really think you need BP to be holding your hand on this one. What worked for others before, may not for you, now*.
* (And, vice versa). Congrats on your prior successes. And all the best, for your next ones...
[The "appreciate some contacts" line should really be in the Marketplace (Pro) forum, not here].
Join the Largest Real Estate Investing Community
Basic membership is free, forever.