Lines of Credit based on Assessed Value

[Daniel Harnsberger]

Hi,

I'm a buy-and-hold investor in Richmond, Virginia. I was wondering if any investors in the state or area could recommend an in-area/state bank that is more apt to provide a HELOC based on the current value of the house and/or the assessed value.

One challenge I experienced with my bank when recently trying to obtain a HELOC on an investment property I fixed up is they had an out-of-state person assess the value based on recent sales in the area. The issue with that is other investors are scooping up properties in the area in similar condition at the same price point as I did. They're doing this for buy-and-hold purposes also, so going by recent sales in this instance is a fallacy.

Any recommendations would be greatly appreciated.  Thank you!