Applying for a Home Equity Loan on a rental - PLEASE HELP!!
Hello BP!
I currently have 3 properties in the Raleigh/Durham area - 1 primary, 2 rentals. I am looking to pull some equity out of the rentals to fund another investment. From the research that I have done, most lenders are only willing to issue home equity loans on primary homes. I would like to avoid a HELOC since the funds will be tied up for a while. I like the idea of a fixed rate and consistent monthly payment on the loan. Does anyone have experience with pulling equity out of a rental property? Any recommendation on lenders that may be willing to give me a shot? Thank you for you time!