I'm having a lot of trouble finding a bank that will do a HELOC on my particular building. It seems like if the 4 units don't disqualify it, then the fact that one unit is commercial does. Does anyone know a bank that will do a HELOC on a building with the following specs? Any other ideas? I'd be using the HELOC to pay down some credit card debt and then ideally keep the HELOC in case of emergencies or if the house needs work/repair.
-4 Unit Multifamily Investment Property
-Located in Philadelphia, PA
-3 units are residential
-1 unit commercial (small unit, only 275sqft of the 3,300 building so about 8%)
Thanks in advance for your help!
Hey @Brad Ehnert
How are you.
let me know if I can assist.
Regards Joe Scorese
@Brad Ehnert are you only looking for a heloc, or would a cash-out refinance work?
@Dan Gamache I have really good rate right now so I don’t think I’d be looking for a cash out refi.
@Joseph Scorese is this something that you can do? Usually either the fact that it is 4 units or partially commercial disqualifies it for most programs. The building is not zoned commercial but it has a variance on it
The partially commercial is probably whats killing you. Do you live there or just rent all 4 units? FHA allows up to 49% commercial, but you would have to be living in one of the units.