HELOC or Home Equity on Investment Property (in MA)

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HELOC or Home Equity on Investment Property (in MA)

Neel Shah
Billerica, MA · Member since 2016 · 23 posts · 5 votes

Hello,

I have several rental properties in MA and have build equity into them.

I want to get HELOC or Home Equity Loan against my investment properties. I prefer not to do cash out refinance since interet rate on these properties is very low.

The only bank I have found so far that will do home equity loan on investment property is DCU, one loan per member up to $50K.  PenFed has limit of 3 properties so i do not quality. 

Are there any other banks/CUs you recommend that will do HELOC/home equity loan on investment property?

Thanks!

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  • Joe G.
    Rental Property Investor · San Angelo, TX · Member since 2013 · 105 posts · 27 votes
    8y

    @Neel Shah

    I just completed a HELOC with PenFed and have more than 3 properties....variable rate but straight forward process.

    Search the forums and messaged lenders directly.  

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  • Neel Shah
    OP
    Billerica, MA · Member since 2016 · 23 posts · 5 votes
    8y
    Originally posted by @Joe G.:

    @Neel Shah

    I just completed a HELOC with PenFed and have more than 3 properties....variable rate but straight forward process.

    Search the forums and messaged lenders directly.  

     Hi Joe,

    Thanks for the reply.

    How did you overcome 3 properties requirement from PenFed? I don't have all my properties under <3 LLC, so that loop hole doesn't work in my case.

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  • Joe G.
    Rental Property Investor · San Angelo, TX · Member since 2013 · 105 posts · 27 votes
    8y

    @Neel Shah

    I didn't know there was a three property requirement...what are they telling you?

    Remember I did a HELOC. I don't have an LLC.

    I always recently used NavyFed.  Also very user friendly.  

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  • Denny Wu
    Member since 2018 · 8 posts · 0 votes
    8y
    @Joe G. What kind of requirements does penfed asks for? I have some plans for rehab that I want to use a HELOC for but have a hard time figuring which lender to approach.
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