Still searching for that unicorn. (Heloc on a rental)
Guys, there has to be a loan product out there for a heloc on a rental held in an llc. Searching...................
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HELOC's on a LLC is tough as it MUST be some one who will keep it on their books to service. The majority HELOC's on investment properties, including the sponsor of this forum, sell their loan into securitization pools into the secondary market. HELOC's by the very nature are tough to service with future advances taken. When you finance under a LLC, the lender must verify corporate authority, which is not the big of a deal at closing of a purchase or closed end first or second mortgage. But a HELOC every advance will have to have the same corporate authority each time an advance is made. Just not something that can easily be handled in a secondary market environment.
- Jay Hurst
