BP! I own an investment/vacation property in California and am trying to get a home equity loan or HELOC for approx. 50% of its value to put toward another property purchase. I own it outright, have a great credit score, and am self-employed. Having trouble finding a bank that will give this kind of loan. Any suggestions/tips/leads? Thank you!
@Hannah L. Welcome! If you have documented self employment income it shouldn't be a problem. Search Kerry Baird on here. She has an extensive list put together. Where at in NorCal? Local credit unions are good. Good luck and keep us posted.
@Hannah L. Try Union Bank or PenFed. They both do HELOCs on investment properties at 65% and 80% LTV respectively. Wells Fargo did them too (60% LTV) up until about a month or two ago, but they put a temporary pause on them due to COVID.
No doubt there’s others out there too. You’ll just need to call around until you find one that will work for you.
@Hannah L. Welcome! If you have documented self employment income it shouldn't be a problem. Search Kerry Baird on here. She has an extensive list put together. Where at in NorCal? Local credit unions are good. Good luck and keep us posted.
@Kyle J.@Dylan Vargas Thanks to you both! The property is in Joshua Tree (Southern California). I'll start with your recommendations and come back with any further Qs — appreciate you!
Hi Hannah! I actually work for a company that specializes in 1st position Helocs. My wife and I originally refinanced through their loan, and I loved it so much that I left my job in Medical Sales to join their team. On an investment property, it can be set to a max of 70% LTV. There can't be a "$0 initial draw" on the line of credit, so some of the funds would need to be pulled out or directed somewhere at close. If you haven't already found a solution, I'd be happy to answer any questions that you may have.
@Justin Phillips@Kyle Castaneda Thanks to you both for your insight! I'm actually now looking at doing a cash-out refi on the property. But love knowing there are solid HELOC options as a backup.