HELOC on rental property Toledo Ohio

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HELOC on rental property Toledo Ohio

Elvin William
Member since 2021 · 42 posts · 33 votes

Hello, I have five single family house for rental property. All those property are in Toledo Ohio. My question is, are there any banks in Ohio does HELOC? I talked to my lender and he said there are isn't any lender that does HELOC on rental property in Ohio. Thanks.

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
3y
Quote from @Elvin William:

Hello, I have five single family house for rental property. All those property are in Toledo Ohio. My question is, are there any banks in Ohio does HELOC? I talked to my lender and he said there are isn't any lender that does HELOC on rental property in Ohio. Thanks.


 I would reach out to as many lenders and brokers as I could. Since this is a unique product you need to do some legwork. I have a list of about 300 lenders I reach out to when I need something like this. You never know who has the best product

[email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Anthony Dooley
    Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
    3y

    You need to talk to a mortgage broker about a DSCR loan. A broker will send your information to several lenders and they will respond with their offer and terms. You can get a 30 year fixed DSCR loan based on the rental income of the property and the amount of equity you have in the property.

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    3y
    Quote from @Elvin William:

    Hello, I have five single family house for rental property. All those property are in Toledo Ohio. My question is, are there any banks in Ohio does HELOC? I talked to my lender and he said there are isn't any lender that does HELOC on rental property in Ohio. Thanks.


     I would reach out to as many lenders and brokers as I could. Since this is a unique product you need to do some legwork. I have a list of about 300 lenders I reach out to when I need something like this. You never know who has the best product

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    2Reply
  • Simmy AhluwaliaPro Member
    Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
    3y

    If you're interested in a high interest rate 2nd position equity loan on your property, we can chat about this.

    0Reply
  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    3y

    I may have an option for you if you want to reach out via PM! Your lender must not sleep if he has time to learn the product of EVERY bank and lender in the entire state of Ohio...

    0Reply
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