I am looking into a HELOC or home equity loan to tap some of the equity I have in a flip turned rental to pay off the higher interest debt from the renovation. My refi out of hard money only covered my original purchase price and some of the renovation. My problem is that I have only been able to find lenders willing to loan 60% LTV on investment properties.
I need 80% or better to cover off the higher interest debt from the rest of the renovation. My question is, are there any lending institutions that you would recommend that will do an equity loan or line with a higher LTV on an investment property? I am in the Houston, TX market. Thanks.
I can only speak for the private money/hard money side. Yes, there are lenders that will do a cash out refinance at 75% LTV on the current as is value of the property with no title seasoning requirement. That's always an option if you need to access capital for another investment.
Hope you get a reply regarding conventional financing.