HELOC on an investment property?

Question

Hello Everyone,

I am looking to get a heloc on a rental property that used to be my primary residence, that i am now renting out. I have about $200,000 in equity over my mortgage. Looking to get a Heloc to purchase a new property. My local bank said 10 weeks to get approved as they have to get an appraisal on all multi families (its a duplex). Does anyone have any recommendations for companies that will do a Heloc on a rental property for a down payment?

Torrell Palmason · Answer

Hey Blake, A National lender that will do HELOC on a investment is Quorum FCU. That is just one of those weird ones that not many lenders do so it's pretty slim pickings.

Best of Luck!

Andrew Postell · Answer

@Blake King the % of equity you have is more important that the amount.  Meaning, if $200k represents 10% of the property value...you aren't getting a Line of Credit for that.  I have always felt that local lenders do this step better.  Bigger Pockets has some great state forums and usually there are good locals that monitor those.  Try posting in that state forum. Also, try some local real estate meetup groups.  Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too.  Even facebook might have some good local groups for you.  But post locally for this.  That’s the best bet.

Blake King · Answer

Awesome thanks Torrell, just applied with them!