Omaha, NE · Member since 2020 · 611 posts · 665 votes
4y
There is a national company that has a product called a "Life Changer Loan", and you can get that product on any property you own. There are a few stipulations that tend to be a bit tougher to qualify for than a standard HELOC, but if you can get it, it is as advertised.
I have a local bank in Omaha that has two of my rentals combined on one First Lien HELOC, but they don't work out of state. You can probably find a local bank or credit union in your area that will offer investment HELOCs too. The best way to hunt them is to go to the bank, ask who works in commercial lending, get a meeting, and explain what you want.
It sounds crazy, I know, but people in the bank don't always know what they offer and don't offer. If you speak to a mortgage lender, s/he probably won't even know the investment HELOC exists. You have to get the right audience to get the real answer. Best of luck!
Omaha, NE · Member since 2020 · 611 posts · 665 votes
4y
There is a national company that has a product called a "Life Changer Loan", and you can get that product on any property you own. There are a few stipulations that tend to be a bit tougher to qualify for than a standard HELOC, but if you can get it, it is as advertised.
I have a local bank in Omaha that has two of my rentals combined on one First Lien HELOC, but they don't work out of state. You can probably find a local bank or credit union in your area that will offer investment HELOCs too. The best way to hunt them is to go to the bank, ask who works in commercial lending, get a meeting, and explain what you want.
It sounds crazy, I know, but people in the bank don't always know what they offer and don't offer. If you speak to a mortgage lender, s/he probably won't even know the investment HELOC exists. You have to get the right audience to get the real answer. Best of luck!
There is a national company that has a product called a "Life Changer Loan", and you can get that product on any property you own. There are a few stipulations that tend to be a bit tougher to qualify for than a standard HELOC, but if you can get it, it is as advertised.
I have a local bank in Omaha that has two of my rentals combined on one First Lien HELOC, but they don't work out of state. You can probably find a local bank or credit union in your area that will offer investment HELOCs too. The best way to hunt them is to go to the bank, ask who works in commercial lending, get a meeting, and explain what you want.
It sounds crazy, I know, but people in the bank don't always know what they offer and don't offer. If you speak to a mortgage lender, s/he probably won't even know the investment HELOC exists. You have to get the right audience to get the real answer. Best of luck!
Who is the lender you use in Omaha, NE? I am looking for the same.
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
3y
Yes there are Non owner HELOC's in most states to 75% LTV for 2-4 and 80% for SFR you need a 721 FICO middle, full doc, NO LLC, it is personal guarantee. Costs about $500 - 700 depending on the state.
We offer investment helocs! I do these quite a bit for investors. They also use automated appraisals so can be as quick as 5 day fundings. Shoot me a message it you have any questions, happy to help!