Business Line of Credit on Residential Real Estate
Hello BP!
I feel like I've called so many banks and I keep getting the same answer "No". I own 3 duplexes in Ohio. All are owned in the same LLC. All have increased in value by $50-60k in the past 1.5 years due to forced and natural appreciation. I would like to tap into this equity without refinancing my 3.19% interest rate. Ideally, I could pull an 80% LTV (or greater) business line of credit as a second mortgage. These are investment properties and are not owner-occupied.
My question: Does anyone know of any banks/credit unions/lenders that would lend in the second position on investment real estate owned in an LLC?
Thank you!
Tyler,
I would like to review the properties and numbers. I'm sure we would be able to help get a LOC on these properties. What is the best POC for you?