Line of Credit on Investment Home

[Sam Mathew]

Hello Bigger Pockets Members,

I am seeking advice if anyone knows how I might be able to get a line of credit on a market value $500k home that is in Michigan, but I live out of state in Florida.  Only seeking a line of credit, not a fixed loan. 

I called a few banks and credit unions but they said due to me being out of state, they wouldn't be able to do it.  Trying to see if there are still options with assumption of all good financials and credit score.

Please provide any guidance if you have any.  Thank you.

[Khemraj Sarju Jr.]

It would almost not be possible to get this line of credit. If this is investment. The best option would be a DSCR program. We do this for a majority of our clients.

[Bob Stevens]

Quote from @Sam Mathew:
Hello Bigger Pockets Members,

I am seeking advice if anyone knows how I might be able to get a line of credit on a market value $500k home that is in Michigan, but I live out of state in Florida.  Only seeking a line of credit, not a fixed loan. 

I called a few banks and credit unions but they said due to me being out of state, they wouldn't be able to do it.  Trying to see if there are still options with assumption of all good financials and credit score.

Please provide any guidance if you have any.  Thank you.

 Just refi cash out, KEEP IT SIMPLE, 

[Sam Mathew]

Quote from @Bob Stevens:

Quote from @Sam Mathew:
Hello Bigger Pockets Members,

I am seeking advice if anyone knows how I might be able to get a line of credit on a market value $500k home that is in Michigan, but I live out of state in Florida.  Only seeking a line of credit, not a fixed loan. 

I called a few banks and credit unions but they said due to me being out of state, they wouldn't be able to do it.  Trying to see if there are still options with assumption of all good financials and credit score.

Please provide any guidance if you have any.  Thank you.

 Just refi cash out, KEEP IT SIMPLE, 

Thanks Bob, yes, I can do that but I prefer LOC if available only to pay interest on the funds I use.  Otherwise, traditional loan funds will just sit in my bank account costing interest until I'm ready to use which may take months.  But if that is the only option, then maybe that's the path forward.

[Drew Sygit]

Ask for a commercial line of credit with the house as collateral.

One thing you didn't share - what's the balance of any current mortgages?