HELOC on investment rental in Utah
We recently relocated to Salt Lake and did not buy a house, choosing to rent instead until we get a feel for the place. Therefore, we do not have a primary residence where we can get a HELOC.
We were planning to purchase a rental and take out a HELOC on it, but have been unable to find a lender willing to offer it on investment properties. Where can we apply for a HELOC on investment for a house in this area?
If it's unlikely or impossible to get a HELOC, what is our next best option to borrow against rental equity?
Most Popular Reply
We recently got two 80%LTV 1st position HELOCS at 5% through America First Cred Union on a couple rentals. Payments are much higher than a standard mortgage as they are based on a 10 year pay-off. Total origination fees were under $300 per loan. Way better terms than using hard money.
Weber State Univ. Credit Union also has some great loan products for non-owner occupied homes.
Have fun!!!