HELOCS 1st LIEN as primary financing

[Charlie Nghiem]

There is a property that the owner owes 133K, and wants 191K. ARV is 238K. I want to get this house under a 1st lien HELOC. I wanted to use hard money to get the property quickly, and then get the HELOC to secure the house, but then the hard money lender would be first lien, correct? Then that would mean I would have to get a mortgage in my name to transfer the deed to me, then transfer to a 1st lien HELOC. Is there an easier way to get from point A to B?

[Percy N.]

Charlie Nghiem , go to a local bank that does portfolio lending.

Then speak to someone in their commercial division about a commercial LOC or mortgage. They will give you up to 75% LTV and maybe 1 or over residential but overall cost should still be lower than HML.