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Private Lending & Conventional Mortgage Advice

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Ilya Z.
  • Rockville, MD
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73
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Can I get a LOC against rental propeties in Maryland?

Ilya Z.
  • Rockville, MD
Posted May 9 2019, 16:03

Good Day!

Is it possible to get a line of credit (not a loan) against rental properties in Maryland? I have a couple of condos that are paid off and have tenants. I have a HELOC with my credit union ($0 balance right now, line to 80% LTV) and got also preapproved by them for a loan. "Platinum" credit rating (at least it was before I applied for the HELOC and the loan, hope that didn't affect it). Now I want to see if I can get another cash line. My CU only gives out loans, same with a couple of other places I pinged. Can someone recommend a lender? What sort of rate and term can I expect? My HELOC is currently at 5%, if this reference helps.

Thank you!

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