Heloc or cash out/ HEL in FL

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Heloc or cash out/ HEL in FL

Xiang J.
Rental Property Investor · Berwyn PA · Member since 2024 · 17 posts · 9 votes

Prefer Heloc but open to cash out/HEL. It's a rental SFH in orlando area . Deeded in the LLC owned by me. Please let me know any local lenders that work with this and roughly the range for rates. Thanks.

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Brittany MinocchiBusiness Member
Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
1y

Hey Xiang - 

If the property is free and clear, a DSCR cash out refinance is probably your best bet in order to keep it in the LLC. You'll see better rates and terms with a cash out refi vs a line of credit on an investment property, and many (not all) lenders want the property to be titled to an individual and not an entity. Depending on credit, LTV, etc rates in the 7s for a cash out are pretty common right now, whereas you'll likely see a line of credit run somewhere around 9-10%+.

[email protected]330-354-6590
Brittany Minocchi - Barrett Financial Group, LLC522 Reviews
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  • Aristotle Kumpis
    Specialist · Long Beach, CA · Member since 2011 · 879 posts · 398 votes
    1y

    There are some lenders that will do a HELOC on a rental, but they only offer it if there is no loan/debt on it.

    0Reply
    • Xiang J.
      OP
      Rental Property Investor · Berwyn PA · Member since 2024 · 17 posts · 9 votes
      1y
      Quote from @Aristotle Kumpis:

      There are some lenders that will do a HELOC on a rental, but they only offer it if there is no loan/debt on it.

      Thanks there is no loan for this one.
      0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    1y
    Quote from @Xiang J.:

    Prefer Heloc but open to cash out/HEL. It's a rental SFH in orlando area . Deeded in the LLC owned by me. Please let me know any local lenders that work with this and roughly the range for rates. Thanks.


    Are you open to a standalone second mortgage? There are DSCR 2nd mortgages that allow closing in an LLC

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
    • Xiang J.
      OP
      Rental Property Investor · Berwyn PA · Member since 2024 · 17 posts · 9 votes
      1y
      Quote from @Erik Estrada:
      Quote from @Xiang J.:

      Prefer Heloc but open to cash out/HEL. It's a rental SFH in orlando area . Deeded in the LLC owned by me. Please let me know any local lenders that work with this and roughly the range for rates. Thanks.


      Are you open to a standalone second mortgage? There are DSCR 2nd mortgages that allow closing in an LLC

      There is no loan. So i guess it works? Any contact feel free to DM
      0Reply
    • Erik EstradaBusiness Member
      Lender · Member since 2022 · 6k+ posts · 1k+ votes
      1y
      Quote from @Xiang J.:
      Quote from @Erik Estrada:
      Quote from @Xiang J.:

      Prefer Heloc but open to cash out/HEL. It's a rental SFH in orlando area . Deeded in the LLC owned by me. Please let me know any local lenders that work with this and roughly the range for rates. Thanks.


      Are you open to a standalone second mortgage? There are DSCR 2nd mortgages that allow closing in an LLC

      There is no loan. So i guess it works? Any contact feel free to DM

       Pm'd 

      [email protected]818-269-7983
      LuxePrivate Investments LLC 572 Reviews
      WebsiteView Page
      0Reply
  • Brittany MinocchiBusiness Member
    Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
    1y

    Hey Xiang - 

    If the property is free and clear, a DSCR cash out refinance is probably your best bet in order to keep it in the LLC. You'll see better rates and terms with a cash out refi vs a line of credit on an investment property, and many (not all) lenders want the property to be titled to an individual and not an entity. Depending on credit, LTV, etc rates in the 7s for a cash out are pretty common right now, whereas you'll likely see a line of credit run somewhere around 9-10%+.

    [email protected]330-354-6590
    Brittany Minocchi - Barrett Financial Group, LLC522 Reviews
    View Page
    1Reply
  • Zachary DealPro Member
    Lender · Member since 2023 · 465 posts · 425 votes
    1y

    With no loan a low LTV DSCR cash out is likely the best option. If the LTV is low your rate will likely be in the 6s to 7s

    [email protected]
    1Reply
  • Vivienne Affat
    Albuquerque, NM · Member since 2017 · 81 posts · 13 votes
    1y
    Quote from @Xiang J.:

    Prefer Heloc but open to cash out/HEL. It's a rental SFH in orlando area . Deeded in the LLC owned by me. Please let me know any local lenders that work with this and roughly the range for rates. Thanks.

    Hi, let's connect. I may be able to assist. Please contact me directly.  505-228-2777 | [email protected]

    1Reply
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