Updated over 7 years ago on . Most recent reply
Best loan for my rental property?
I did a new build hoping it was going to be a quick build and sell. That did not happen. I had a construction loan that obviously came due. i tried to get a traditional mortgage and didnt have success so I ended up paying cash and now own the place outright. I have now rented the house and have a signed two month lease. I never intended to have all this cash in so I'm looking for a way to get some out. I am thinking HELOC may be the best way to go but when I went to my banks WF and BOFA they made it seem like the process was going to be in line with a regular mortgage which I am hoping to avoid as its such a pain. I was told once that there was a loan for investment properties tied to the rental revenue. Basically they will give you the amount up to X% of your monthly rental income. I have never seen anything like that though. Is anyone familiar with that type of quick and easy loan? I am just looking for something quick and basic as I own the place 100% and have plenty of rental income to cover the amount I want to take out.