Can you get HELOCs on a duplexes?
I've reached out to several banks and so far found none do HELOCs on multifamily properties. I've been told they are taking that product out of the market. Does anyone know of any Banks that still do HELOCs on Duplexes? I did a BRRRR on my duplex , i'm currently house hacking in, and have a significant amount of equity I'd love to tap into.
Thank you!
Chris
I highly recommend reaching out to local credit unions. I've found that they've been very flexible and offer that product in my market.
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Quote from @Christopher Sarmiento:
I've reached out to several banks and so far found none do HELOCs on multifamily properties. Does anyone know of any Banks that still do HELOCs on Duplexees? i'm currently house hacking in, and have a significant amount of equity I'd love to tap into.
We have an 80% LTV Heloc on our live-in duplex. We just talked to the commercial lending side of one of our local banks.
How long ago did you buy it? Seasoning generally takes at least 6 months for a new appraisal.
Ask every local bank and CU in your market, especially if you've done business with them before.
appreciate it @Steve Vaughan! I found put that PNC does live in duplexes too. I'm hoping to close with them soon so I can have that capital for the next moves. Took long enough, but glad things are rolling. I'll Checkout what products they have on the commercial lending side. Thanks for the info.