How can I get a HELOC on a rental property? I live in Indiana.
19 Replies
Elena Dubinski
from Noblesville, IN
posted 3 months ago
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!
Thank you,
Elena
Nick Giulioni
Rental Property Investor from Fishers, IN
replied 3 months ago
I haven't found a bank that likes to do this. Would recommend just a traditional refi (rate will be better anyway).
Justin Polston
Real Estate Broker from Shelbyville, IN
replied 3 months ago
What part of Indiana?
Elena Dubinski
from Noblesville, IN
replied 3 months ago
I am in Noblesville/ Indianapolis
Elena Dubinski
from Noblesville, IN
replied 3 months ago
Harvey Levin
Property Manager from Indianapolis, IN
replied 3 months ago
@elena Dubinski
first finacial offers rental Heloc loans if you live in Indiana
Justin Polston
Real Estate Broker from Shelbyville, IN
replied 3 months ago
@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.
Elena Dubinski
from Noblesville, IN
replied 3 months ago
Thank you! I will contact them.
Elena Dubinski
from Noblesville, IN
replied 3 months ago
Justin Polston
Real Estate Broker from Shelbyville, IN
replied 3 months ago
You could try First Federal, Union Savings, Napoleon State