Investor · Lithonia, GA · Member since 2012 · 231 posts · 43 votes
Hi All,
I am an investor in the Atlanta GA area with 8 SFH properties that have some equity in them that I would want to utilize with a HELOC. My properties all have 1st mortgages but trying to find a way to get a HELOC on top of the 1st for the investment properties
Ideally I would leverage my 1st and 3rd property because combined my mortgages are 70k but total value of both is 320k. Would just get the HELOC under these two.
I've called a couple of banks and have gotten "No's". To save anyone else who is looking time I've listed the banks in GA who have rejected me. Does anyone have recommendations on where I could look?
Could a Commercial Lender potential help me?
PenFed
- They do HELOC on investment but if you have 4 or more properties they will only do on Primary house
I am an investor in the Atlanta GA area with 8 SFH properties that have some equity in them that I would want to utilize with a HELOC. My properties all have 1st mortgages but trying to find a way to get a HELOC on top of the 1st for the investment properties
Ideally I would leverage my 1st and 3rd property because combined my mortgages are 70k but total value of both is 320k. Would just get the HELOC under these two.
I've called a couple of banks and have gotten "No's". To save anyone else who is looking time I've listed the banks in GA who have rejected me. Does anyone have recommendations on where I could look?
Could a Commercial Lender potential help me?
PenFed
- They do HELOC on investment but if you have 4 or more properties they will only do on Primary house
Wells Fargo
- Not offering HELOCs during Covid
American Airlines Credit Union
- Only accessible to Airline workers
Peach State Federal Credit Union
- Do not offer HELOC on Investment properties
Georgia Own Credit Union
- Do not offer HELOC on Investment properties
Delta Community Credit Union
- Do not offer HELOC on Investment properties
PenFed only offers HELOCs on investment properties if you own less than 4? That's a weird requirement.
All small banks and credit unions I've talked to DO NOT do Helocs on investment properties. Have not found one yet that will do it even with substantial equity.
If anyone has any, I'd love to apply for them.
Many are still lending 75% cash out after 6 months...but it'll take you 60 days (or more) to close on it. So start it early.