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Creative Real Estate Financing

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Amanda Culleton
Pro Member
  • Rental Property Investor
  • Upstate NY
5
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21
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Looking for elock on 4 fam investment property

Amanda Culleton
Pro Member
  • Rental Property Investor
  • Upstate NY
Posted Oct 5 2019, 21:46

I have a 4 family investment property that I currently owe 169k on and the market value is currently around 325k. I have been looking for a bank to give me an elock on the property but have only found banks that will give me a loan but not the elock. I would prefer the elock over the loan can anyone refer a bank that will give an elock on investment properties. Thanx.

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Jaysen Medhurst
  • Rental Property Investor
  • Greenwich, CT
2,464
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4,876
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Jaysen Medhurst
  • Rental Property Investor
  • Greenwich, CT
Replied Oct 7 2019, 09:48

@Amanda Culleton, I believe you're referring to a HELOC (Home Equity Line of Credit). The problem you're running into is that most banks don't do HELOCs on investment properties. Check out Pen Fed CU and Figure. They both do them, up to 80% LTV, I think.

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3,556
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2,485
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Kerry Baird
Pro Member
  • Rental Property Investor
  • Melbourne, FL
2,485
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3,556
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Kerry Baird
Pro Member
  • Rental Property Investor
  • Melbourne, FL
Replied Oct 7 2019, 12:15

Trustco Bank may be in your area. Otherwise TD Bank or US Bank

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User Stats

21
Posts
5
Votes
Amanda Culleton
Pro Member
  • Rental Property Investor
  • Upstate NY
5
Votes |
21
Posts
Amanda Culleton
Pro Member
  • Rental Property Investor
  • Upstate NY
Replied Oct 7 2019, 20:36

Yes Heloc is what I meant lol. Thanx for the info guys I will try them and hopefully one of them will do it. 

User Stats

21
Posts
5
Votes
Amanda Culleton
Pro Member
  • Rental Property Investor
  • Upstate NY
5
Votes |
21
Posts
Amanda Culleton
Pro Member
  • Rental Property Investor
  • Upstate NY
Replied Mar 2 2020, 19:55

Thank you to @Kerry Baird I ended up getting the Heloc thru TD bank. 

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3,556
Posts
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Kerry Baird
Pro Member
  • Rental Property Investor
  • Melbourne, FL
2,485
Votes |
3,556
Posts
Kerry Baird
Pro Member
  • Rental Property Investor
  • Melbourne, FL
Replied Mar 2 2020, 21:04

Yay :D