Lines of Credit on Rental & Multifamily Properties

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  • Lender · Troy, MI · Member since 2019 · 432 posts · 147 votes
    7y

    @Brandt Tingen 

    Do you have 1st lien on the property? If so then it becomes difficult for HELOC.

    In regards to investment property; even when you dont have 1st position loan;  HELOC is less common from regular financial instituation.

    You could possibly try a local private lender or hard money lender who knows the area well.  They might be open for HELOC on multi-family.

    HELOC on commercial usually involves an open ended mortgage recorded. There may be minimum draw amount, draw fees each time you make a transaction, minimum number of days for interest commitments-to return back the funds.

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