HELOC for fix and flip properties
I'm in the Boise, Idaho area and I'm looking to take out a HELOC. Does anyone have recommendations on who they have used? I'm looking to invest in some fix and flips and eventually hold some properties.
Quote from @Kyle Horn:
I'm in the Boise, Idaho area and I'm looking to take out a HELOC. Does anyone have recommendations on who they have used? I'm looking to invest in some fix and flips and eventually hold some properties.
Contact your current lender or bank you hold your assets with to see what they can offer you in regards to amounts and interest rate.
Quote from @Kyle Horn:
I'm in the Boise, Idaho area and I'm looking to take out a HELOC. Does anyone have recommendations on who they have used? I'm looking to invest in some fix and flips and eventually hold some properties.
There are also fix and flip loans, that can finance 100% of the repairs. This can be a better alternative compared to doing a HELOC or using Hard Money. Just PM'd
I was given better rates from local credit unions than the three banks that I approached. On my primary residence, banks were around 85% LTV with a rate of prime - 0.5%. So at the time (two weeks ago) it was 4.25%. Fees were around $350-500. Credit Unions came back willing to go 100% LTV and prime - 1% (3.75% at the time). Also, one of them was willing to waive all of the fees if the HELOC stayed open 3 years. I went with that one!!
Hey Matt I'm currently shopping around for a HELOC and started talking to my bank ICCU. Even with a great credit score(800+) and no unsecured debit I received a rate of 5.5. I was wondering what credit union did you go to for your better rate?
Quote from @David Cunha:
Hey Matt I'm currently shopping around for a HELOC and started talking to my bank ICCU. Even with a great credit score(800+) and no unsecured debit I received a rate of 5.5. I was wondering what credit union did you go to for your better rate?
Mine was University of Kentucky Federal Credit Union. They only service the Lexington KY area. You may try Members Heritage CU.