I'm looking in to getting a HELOC on my investment property and was wondering if anyone from Loudoun/Fairfax County had experience with this. I've heard it can be difficult to find a bank willing to do a HELOC on an investment property and was hoping someone would be able to tell me where they've had luck in the past. Thanks!
If there were any lenders doing this, they probably stopped oh within the last week or two.
There are banks that do HELOCS on investment properties. It is really late where I'm at and I don't have information in front of me. But I do know personally there are banks and have talked to them.
Start by calling quicken mortgage. And look up TD Bank. But just type in HELOCs investment properties in google and start calling.
And don't listen to people that just say thing like hey they probably stopped without knowing any information. Actually banks are lending and are considered essential, just like realtors. So don't take a NO for an answer.
I have been building a lender file for some time now, for my investing needs. I my search, I have found that these lenders do investment property HELOCs.
Union Bank, specializes in noo HELOC
Got the information for you. Just give them a call and figure it out. Look at interest rate and terms. It should not cost you money to do it. You got this.
@Trevor Aydelott thank you so much for the response and information! I am still unsure as to how banks are going to respond given the current situation but as you said it costs nothing to try. I'm hoping to find a bank willing to open a HELOC just so I'm positioned if an opportunity presents itself. Again thank you for the positive response.
The reason why I'm doing a cash out refinance ( BRRRR) on my investment property in Colorado. Because there are deals everywhere and I'm sure more will come up.
Thanks again @Trevor Aydelott I was able to find a couple banks willing to do HELOCs on investment properties and have more I can call if I decide I don't like the terms from TD Bank and Penfed. Just goes to show you shouldn't listen to to people telling you it can't be done @Russell Brazil . Find a way to make it happen and explore all options.
Yup @Paul Ellington those are two banks I would've recommended. And so true, I'm tired of hearing people say you can't do this or that. Like go find out for yourself. A lot of these people have not looked into it or turned away from the first no they heard.
Whoops those are banks I did recommend. lol
@Trevor Aydelott Great info!