HELOC needed- I'll appreciate any help!

4 Replies

HI BP!

I'm OOC REI and since I don't have a credit score yet it's really difficult for me to get any loan that is not from HML.

Does anyone has an experiance with getting an HELOC without any credit on their exiting properties (bought in cash). I'm investing in Pittsburgh PA.

Any lead will be appreciated. Thanks!

Hi Shai, forgive me if I am behind the time on my acronyms but I am assuming that OOC stands for Out Of Country and NOT Out Of Character which is what popped up from a google search?

If the property is deeded in the name of an LLC established here in the U.S. and has been "performing" or rented for the last 2 years and you have a rent roll with bank statements that can prove that then I can recommend a local bank for a "Business LOC" rather than a HELOC. From my understanding, most banks wont give you a HELOC unless it is your primary residence (the home that you reside in.) But aside from that, I do not know the intricacies/complexities of Out Of Country property owners with no Credit Scores securing financing on properties.

Originally posted by @Shai Flax :

HI BP!

I'm OOC REI and since I don't have a credit score yet it's really difficult for me to get any loan that is not from HML.

Does anyone has an experiance with getting an HELOC without any credit on their exiting properties (bought in cash). I'm investing in Pittsburgh PA.

Any lead will be appreciated. Thanks!

You're going to have a hard time getting a HELOC on a rental property in general, and then to get it on a property if you have no credit and are Out of Country.


You may just need to find someone that will do a cash out refi with you. Which will also be challenging, but probably more likely than a line of credit in this scenario.  

@Anthony Angotti thanks!

In my myind it's more reasonable to give someone LOC when you got a collateral such as property. I know that to REFI is the same thing so why banks feel that REFI is safer for them?