Chicago, IL · Member since 2013 · 45 posts · 8 votes
I have a good sized portfolio of a 6, 3 and 4 unit and then 8 condos. Right now I havea commercial loan on the 6, Fannie on the 3,4 units and 3 of the condos and then I recently did a commercial loan @50ltv cross collateralizing the other 5 condos.
Unbeknownst to me when I did the blanket 5 condo loan it put me over the 5 financed property limit ( I had thought commercial financing didn't count), which has made conventional financing on anything other than my primary next to impossible.
I was looking into doing a HELOC on my 4-unit primary and found a group PEN FED that will do a no cost, interest only HELOC @80 ltv with no appraisal as long as the loan amount isn't above 250k.
They actually do HELOCs on investment property, including condos, but only if you own no more than 3 properties including your primary. Unfortunately this disqualifies me.
Does anyone know of any others that have a similar no appraisal program, but don't have a cap on properties owned?
I think that private money, hard money, seller financing and syndicated money might be the way to go for no actual physical appraisal. However, let me know if you find someone that will lend without appraising.
I found a good bit of HELOC products that will lend under 250k using an AVM and if that didnt return a value the tax value, which is what we went with.