Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
Does anyone have a recommendation for lenders doing 1st mortgage HELOCs on investment property in SC (Greenville and Upstate SC)? I know lenders who do closed end HELoans on investment property but not HELOCs. Residential only please...I'm familiar with what's available on the commercial side.
I just saw this thread and while I haven't been looking for a HELOC on investment property lately, I do know that I have one currently through Southern First Bank with a 6.5% rate. TD was higher last time I looked. I work with Kevin Lee at Southern First.
I spoke with Southern First in Greenville and they don't do HELOCs on investment property here, just commercial lines.
That's actually what I have Mike, I really can't see much practical difference between a Commercial Line of Credit and an investment property HELOC though. On an investment property, would it still be called a HELOC? The H stands for "home"...
I just saw this thread and while I haven't been looking for a HELOC on investment property lately, I do know that I have one currently through Southern First Bank with a 6.5% rate. TD was higher last time I looked. I work with Kevin Lee at Southern First.
I spoke with Southern First in Greenville and they don't do HELOCs on investment property here, just commercial lines.
That's actually what I have Mike, I really can't see much practical difference between a Commercial Line of Credit and an investment property HELOC though. On an investment property, would it still be called a HELOC? The H stands for "home"...
Huge difference. HELOCs are ten year loans...commercial lines are much shorter (2 years in many cases). HELOCs have HELoan conversion features, which allow them to convert to an amortizing, fixed rate loan without getting a new loan. HELOCS use inexpensive residential appraisals (one time every ten years)...commercial lenders will use expensive commercial appraisals for my 4 family.
I just saw this thread and while I haven't been looking for a HELOC on investment property lately, I do know that I have one currently through Southern First Bank with a 6.5% rate. TD was higher last time I looked. I work with Kevin Lee at Southern First.
I spoke with Southern First in Greenville and they don't do HELOCs on investment property here, just commercial lines.
That's actually what I have Mike, I really can't see much practical difference between a Commercial Line of Credit and an investment property HELOC though. On an investment property, would it still be called a HELOC? The H stands for "home"...
Huge difference. HELOCs are ten year loans...commercial lines are much shorter (2 years in many cases). HELOCS use inexpensive residential appraisals (one time every ten years)...commercial lenders will use expensive commercial appraisals for my 4 family.
I'm not sure how long my loan last but I think it's renewable. Southern First just did a drive by appraisal and relied on pictures I sent them. There was no cost to me for an appraisal for my duplex.