heloc's on a rental property
5 Replies
Joseph Rutigliano
posted almost 2 years ago
Hi All
has anyone been able to get a heloc on a rental property
I can easily get one on my primary residence but am having trouble finding someone to do one on my rental property
NOT looking for a lender just want to know if its possible
greatly appreciate any response thanks !:)
Jonathan Taylor Smith
Rental Property Investor from Durham / Raleigh (Triangle), NC
replied almost 2 years ago
Do you own the rental property free and clear of any existing mortgage? If so, then it is possible to obtain a 1st position HELOC on a rental, but rate may be hgher than normal and percentage of value will be lower. Even then, it will be much harder to find, but it is possible.
Eduardo Bravo
from Sunnyvale, CA
replied almost 2 years ago
I got a Heloc for an investment property using Fremont Bank , so yes its possible, you will have to pay a higher interest rate than if the Heloc was on your primary home.
Joseph Rutigliano
replied almost 2 years ago
yes I own it free and clear
thank you both for responding I will keep searching
Robert LaPrelle
from Chapel Hill, North Carolina
replied almost 2 years ago
I would recommend local banks over national banks if you're having a hard time finding something. Local banks often have a little more flexibility and (if you're lucky) will get excited about reinvesting into the community.
Jason L.
Rental Property Investor from Delray Beach, FL
replied almost 2 years ago
I'm working on closing one right now with a local credit union. Rate is higher but not untenable.