Looking for elock on 4 fam investment property
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.
@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.
Trustco Bank may be in your area. Otherwise TD Bank or US Bank
Yes Heloc is what I meant lol. Thanx for the info guys I will try them and hopefully one of them will do it.
Thank you to @Kerry Baird I ended up getting the Heloc thru TD bank.
Yay :D