HELOC on Rental Portfolio

[Murali Jesudoss]

Hello All,

I am trying to get HELOC on my rental properties with second lien using my equity from the properties to invest somewhere else. I have done couple using Signature Credit union and they check the income and consider the current HELOC as liability even without taking any money from them. So I cannot possibly take anymore from them. Anyone has experience with getting HELOC on multiple rental properties? I have 6-7 properties that may have about 80-100K per property and trying to cashout for another adventure. Many hard money lenders only do the fix and flip or bridge loans and I do not see anyone offering HELOC for portfolio.

Any suggestions on how to cash out these equities? Has anyone gone this route to cashout multiple properties? Please share your thoughts or stories.

Properties are in Ocala, FL.

[Kerry Baird]

Thoughts: local to the properties (Community Credit Union of FL offers HELOC on investment properties). Call the smaller branches in the vicinity of those properties.

Regional banks such as TD Bank will do them.

Credit Unions: Navy Federal

Fintech: Figure will do them