No Home Equity Loan for you!
I have a nice property with about $100K equity in it - 50% LTV. I have owned it for several years. I wanted to get a Home Equity Loan on it to shuffle some of my equity around between properties but none of the big or local banks I have tried will touch it unless it is owner-occupied.
I think this is rather stupid on their part. They will give me a $40K unsecured loan but they will not given me $40K loan secured by a SFH rental. Hmm, that makes sense. *not*
/rant off
Most Popular Reply
Are you specifically looking for a Home Equity Loan, or would a Home Equity Line Of Credit work for you? You might have better luck with doing that. A problem with investment properties and home equity financing is the lender is in second position (or worse), and they perceive that as risky.