Hello!

I'm struggling to find a conventional lender in Michigan that will do a cash out refinance/HELOC on an investment property (duplex). I'd prefer to work with a credit union or community bank.

Any recommendations? 

Thank you in advance,

Dan

Hi Dan,

Check out Matt Trabucchi with First Independence Bank: mtrabucchi[at]firstindependence(dot)com. He helped me cash out my SFR and may also be able to do a duplex.

@Dan Hedges Why are you having problems?  Have the lenders provided any feedback why they cannot help?

Thank you @Kyle Shankin ! 

@Eric Veronica , the banks I've spoke to won't do a cash out refinance on a property that's not my primary residence. 

@Dan Hedges if your property is not in an LLC but held in your name Pen Fed will do an 80% LTV Heloc on a rental property if you have 3 properties or less including a primary.

Thank you @Brian Gerlach . I have 3 rental properties and my primary residence. They are all in my name.

@Dan Hedges if you have 3 or less properties total including a primary Pen Fed will put a LOC on any/all but if you have four including a primary they will ONLY lend on the primary, although on a Heloc backed by a primary they will go up to 90% LTV on a primary variable rate tied to prime + 1% or 85% LTV at prime + .5% or 80% LTV at prime.

@Dan Hedges

Unless I misunderstand your plans, Quicken offered to do that exact thing for me and of course, they are in your back yard in Detroit. They love paperwork and measuring all the metrics in your application and portfolio, but they offered to do it for me and I probably will do exactly that with my next foreclosure purchased and placed back into service as a rental home.

Good luck.

Thank you @Brian Gerlach and @Richard Weinberg . I tried Quicken, they couldn't do it because of the low loan amount (100k), due to Freddie/Fannie guidelines. I think it was considered a high cost mortgage or something like that.

@Dan Hedges

HELOC for investment property is limited with conventional bank or credit union. However, refinance 10 properties or less; is possible with credit unions.

I'm going through the HELOC process now with Hantz bank in Southfield. I'm getting 65% LTV since it's not my primary residence. So far the process has gone very well so I would definitely recommend you give them a call.

@Dan Hedges I just closed on a cash out refi on a rental property with Lake Michigan Credit Union. It was a pretty easy process . 75% LTV.

Thank you @Saravanan Saravanan , @Brian Dickinson and @Lawrence Henkel III !

What is the value of the property you are trying to refi?

@Tarik Turner 130k-140k.

Will do HELOCs on investment properties.  (Posting other locale-specific lenders for other readers in those areas.)

TD Bank and US Bank, Trustco in NY and FL....might have expanded to some other States.

AmericaFirst in Utah and First Florida Credit Union.

@Dan Hedges

HELOC's can be difficult to find on Investment properties.

A cash out mortgage you can do at $100k without an issue, with the loan amount. A loan amount under $50k can be difficult to find financing for an investment property. 

@Jerry Padilla

Did you try PMLs

Thank you @Kerry Baird & @Jerry Padilla !

Tarik, I must have somehow missed the Hackensack broker. I'll look again, but the value of the property is about $300,000.