Rental Property Investor · Richardson, TX · Member since 2016 · 61 posts · 14 votes
I'm needing help funding my next investment property. I currently own 3 properties (all duplexes). I don't have much equity in my primary residence, but I have est. 100k in one of the duplexes I own. Are there any banks that will allow me to do a heloc for a duplex as an investment property? I only buy small multi-family and at this point my issue is getting the financing for the next property. If that isn't possible what is the best option for me? I'd love any advice
Investor · Austin, TX · Member since 2013 · 680 posts · 1k+ votes
6y
Yes Rickey call PenFed Credit Union they do HELOCs on investment properties. If you were ever in the military you qualify to join PenFed. If not, no problem, if you tell them you donate to the Red Cross you qualify as well. The short name is PenFed for Pentagon Federal Credit Union. Cheers.
Rental Property Investor · Providence, RI · Member since 2016 · 26 posts · 18 votes
6y
If you are military I would also look at Navy Federal credit union. They can do up to 95% LTV. I was just about to do one myself when they stopped taking applications due to the Coronavirus but this is temporary.
Investor · Austin, TX · Member since 2013 · 680 posts · 1k+ votes
6y
You don't have to be in the Military. All you need is to qualify to be a member as is required from Credit Unions. So in an effort to gain membership PenFed will allow people who have ever contributed to the Red Cross as a qualifying event to join. They only ask you and don't ask for proof that you have actually contributed to the Red Cross.