I have a rental property with a good equity in it. I would like to open a HELOC, but have a hard time to find a bank which would do HELOC on a rental property.
I live in Indianapolis, Indiana.
Any advise will be appreciated!
I haven't found a bank that likes to do this. Would recommend just a traditional refi (rate will be better anyway).
What part of Indiana?
I am in Noblesville/ Indianapolis
I did refin it 2 years ago.
first finacial offers rental Heloc loans if you live in Indiana
@Elena Dubinski look for a savings and loan or a thrift that is local to you and a bank.
I use one here in Shelbyville that does 60% of your cost basis if you have a loan against it already. If you own outright they'll do near 75 LTV.
Thank you! I will contact them.
What is the name of the bank are you using?
You could try First Federal, Union Savings, Napoleon State