I have been trying to find a bank that can help me do a cash out refinance(or HELOC) on a $60,000 investment property that is fully paid off. Most of the banks I have talked to will not refinance on a property that is below $100,000 and much less if it is not owner occupied. The property is in Storrs, CT. Does anyone know of a bank that can help me with this?
Any help on this is greatly appreciated.
I was able to get a HELOC on an investment property through TD Bank, I think it was 75% (don't quote me on that).
I have refinanced, but use a small local bank that does portfolio loans. I almost use them exclusively for loans.
You can call around and ask who has a portfolio loan product, and if they will refinance an investment property.
No recommendation as I'm in SC, but I run into that problem as I buy sub100 and even sub30 as well, but have found small credit unions usually are the best place to start.
Try small bank they will be able to do small loan amount mortgage.
@Felipe Ocampo have you tried posting this in the CT forum? That might have some good local people in it that could help you find a good lender that maybe they are already using. Also, perhaps search for a mortgage "broker" in the area or state. A broker will have access to many different banks. Other wise you would have to call a lot of banks to find one that lends this low....it may not be that difficult but a broker might be a good option.
Thanks for all the responses. @Andrew Postell I will try working with a broker and see if he can help me out. Thanks!
@Aaron Desimone what was the interest rate on your HELOC? From what I have heard, those typically have higher interest rates than typical mortgages, but I guess the good thing is that you don't start having to pay that interest until you use that money.
Interest is market rate plus an extra point or more over that I believe. I have yet to use it as we have found the banks, especially portfolio lenders, willing to lend us their money.
I too am looking for the same thing, but I am looking for a private lender because I have 10 conventional mortgages already...
Webster Bank does HELOCs on NOO MFs.
For people interested, Flagstar bank is helping me with this refinance. It looks like they have locations through the North East of the U.S. I Hope this helps others.
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