I own a home (in an LLC) with my father. We purchased the home with 25% down and have owned it for 3 years. We have some other business interests and we're interested in extracting some capital from the rental. Unfortunately, the home's mortgage is held in our names, and I performed a quit-claim deed to move the ownership into the name of the LLC.
My question - how can I (legally) get a home equity loan to tap into my 25%+ capital? Can I approach a (different) bank and ask for a home equity, without disturbing the current mortgage (since I did a quit-claim)? Any other thoughts? Prior experience?
With most lenders a HELOC is for your Home, not an investment property. Aside from your title issue, HELOC's generally top out at 80% of value, so you likely couldn't pull much out anyway. Talk to your local bank.