Updated almost 6 years ago on . Most recent reply
Home Equity Loan for new rental property
I currently have a rental and a primary property. I was looking to take some of the equity I have on my rental property and use a HELOC to use it as a down payment for a new rental property. However, I'm reading that on a HELOC, I need to have at least 80% LTV on my property. Is a Home Line of credit the same? Is this with every bank/lender? If so I would have a very small amount of equity to play with... is there a different way to borrow equity of my rental? current Value is around 243k, I owe 190k.