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 !:)
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.
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.
yes I own it free and clear
thank you both for responding I will keep searching
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.
I'm working on closing one right now with a local credit union. Rate is higher but not untenable.