Looking for HELOC loan on Rental properties in New Jersey

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Looking for HELOC loan on Rental properties in New Jersey

Ralph T Patrone III
Member since 2018 · 5 posts · 1 vote

Good morning everyone.  I own multiple rental properties free and clear and would like to get a Heloc on a couple of them for future short term flip investments.  I know not many lenders offer Helocs on investment properties but figured this was the best place to ask.  Any help would be appreciated.

Thanks

Ralph

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  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    1y

    Can you owner occupy any of them?   That would be easiest way to get cash out at lower rate otherwise you'll need to taking investor style loan and pay higher rate.

    973-975-3895
    House Hacking New Jersey561 Reviews
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  • Ralph T Patrone III
    OP
    Member since 2018 · 5 posts · 1 vote
    1y

    No.  They are all rented already.

    Thanks

    0Reply
  • Connor Ryan
    Financial Advisor · Boulder, CO · Member since 2019 · 38 posts · 75 votes
    1y

    Ralph, are the properties in NJ or other states?

    0Reply
  • Ralph T Patrone III
    OP
    Member since 2018 · 5 posts · 1 vote
    1y

    New Jersey.

    0Reply
  • Connor Ryan
    Financial Advisor · Boulder, CO · Member since 2019 · 38 posts · 75 votes
    1y

    Gotcha. My firm does HELOC's on investment properties in NJ, but requires you have a 6 month relationship (checking, cc, savings, etc) with our bank before we can lend.

    0Reply
  • Andrea Russin
    Investor · Member since 2024 · 13 posts · 8 votes
    1y

    I have a product with short term credit lines. DM me if that is of interest. 

    Andrea Russin 

    0Reply
  • Ko KashiwagiPro Member
    Lender · Los Angeles, CA · Member since 2022 · 967 posts · 445 votes
    1y

    Hi Ralph,

    HELOCs on investment properties are possible but rates will be higher than cash out refi's. At least that programs I work with are based on income, not DSCR, meaning you'd need to either show tax returns or banks statement income to qualify. If you are specifically looking for an asset based HELOC on investment properties, I do know some local banks sometimes offer those

    310-848-9776
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