How can I get approved for a heloc owning 6 rental properties??

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How can I get approved for a heloc owning 6 rental properties??

Ryan Keenan
bethel, CT · Member since 2015 · 335 posts · 57 votes

Hey BP I live in CT, with wells fargo all of a sudden closing my personal LOC, Now I can't even get a HELOC on my primary or any of my rentals and I have a nice amount of equity in there.. my DTI is too high. I first applied to wells fargo when I only had two properties and they gave me a nice 50k loc now that they are closing, I'm afraid I keep getting denied. Does anyone have any idea of what banks to try? Are the credit unions and better bet? I have great credit , the only debt I have is my mortgages, I house hack and pay no rent, live way below my means and I can save a nice chunk a month just keep getting denied. Very frustrating ! Thanks for the advice!

Ryan

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  • Conor Woods
    Member since 2019 · 3 posts · 0 votes
    5y

    Try chase I heard Wells Fargo is really tough, chase has been really good to me and id also like to give investors bank a try 

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  • George DespotopoulosBusiness Member
    Lender · New York, NY · Member since 2016 · 936 posts · 287 votes
    5y

    @Ryan Keenan it's always been slightly difficult to get a HELOC against a rental property and even more so now -- not saying it's impossible, just tough.

    Have you considered doing a 30 year fixed rate cash-out? You can go up to 75% of appraised value but do not need to if you'd like to take less. 

    MoFin Lending4.9152 Reviews
    WebsiteView Page
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