Home Equity Agreement partners for rental cabin in TN? Not HELOC
Howdy. I'm looking for a Home Equity Agreement partner, who works with investment properties in Tennessee?
A Home Equity Agreement is not a HELOC. It is my understanding that HELOC lenders do not work with 2nd homes and investment properties. At least, I have not been able to find one. If you know of a HELOC lender who does work with investment properties in TN I'd love any referrals.
HOME EQUITY AGREEMENT
In case you are unfamiliar with the product, a HEA partner writes a check in exchange for a percentage of equity in the property, secured by a lien, that is satisfied at some point in the future (say 10 years) through either sale of the property or a ReFi. The HEA partner is not receiving monthly payments. They write a check, and are re-paid per the agreement upon sale or refi of the property.
I am familiar with unlock.com
Can anyone recommend other Home Equity Agreement companies or individuals who do business with investment properties in Tennessee?
Thank you.
Steve Fogarty
Las Vegas