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Updated over 11 years ago on . Most recent reply

Are there any banks writing Home Equity Lines/Loans on non-OO Multis?
Are there any banks writing Home Equity Lines/Loans on non-OO Multis?
Has anyone had any luck with banks/whatever lending at rates at 6% or below on their multi family properties? I've had no luck with 15 or so lenders near my rentals in VT.
Most Popular Reply

TD Bank is writing LOC on Non Owner Occupied properties. The costs are rather staggering, but they seem to be willing to look at them.
Costs associated with the process:
$900 Fee
1.5% Origination (not sure if that is correct term) Fee against total amount borrowed
$500+ for an appraisal (must be a new appraisal from the round robin method)
I paid non of these as I was looking for less than 10k at the outset.