Looking for a HELOC lender on investment property
Does anyone know of a lender that will do a HELOC on investment properties? I live in CA, rental is in Alabama. I've contacted my personal bank, my lender, Comerica, Fifth Third (FT will do a HELOC but not if there is a mortgage balance), TD Bank (primary residence and rental must be in the "Maine-to-Florida footprint" to get a HELOC). Waiting to hear from Union Bank. I've called credit unions in AL but you must live, work or worship there. Thanks in advance for any tips.
Just PM'd
@Deborah Lynch 1) try the lender that has the 1st mtg 2) call the small / mid size banks close to the AL property
I just learned about an All In One HELOC loan product that is available. You may want to look into it. The lender that introduced it to me works for CMG.
I used PenFed Credit Union for a rental in Birmingham
@Deborah Lynch
Did you find anyone to do the heloc? Im looking for the same thing in AL.
Unfortunately, no. I called about 8-10 banks. One suggested a cash-out refi (but the value of my property doesn't make this option worthwhile).
I wonder whether either Quorum FCU or Figure would do one for you. Also that All in One HELOC, which I was introduced to through Ridge Lending. (I have used Ridge on financing, but not the AIO product…yet. FICO needs to be 720 for a rental property).
How long ago?
Quote from @Mario Cabriales:
How long ago?
About a year ago
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@Deborah Lynch @Otis Sanders I have a potential option for you. Reach out if still needed and interested.
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Quote from @Jay Hurst:
@Deborah Lynch @Otis Sanders I have a potential option for you. Reach out if still needed and interested.
@Jay Hurst Yes am still interested and in need.
I think I have seen a few items show up on here. One person mentioned the ALL IN ONE, which is a first position HELOC that allows for your cashflow to offset your mortgage balance, reducing mortgage payment over time. All while giving you access to the available equity in your home. We offer the program, so if you or anyone have any questions about the product please let me know! Thank you,