We are looking for options to do a HELOC on our 4-plex in Colorado Springs (so we can buy another 4-plex - :) ). Does anyone know of any banks/credit unions that offers this?
Or - that will do mortgages on investment properties with less than 25% down for a 4-plex?
Thanks for any guidance.
@Jennifer Delmore Hopefully someone chimes in with some recommendations in your area, but don't rely on it. Get out there and shop around. Limit your search to credit unions and small banks. Go back to banks you've been to that you like and try to get those preferred banks to compete with other offers. Ask them if opening an account with them would increase your chances of getting funded.
Put together a packet on the property you have and the property you want. Make it flashy so it stands out, but only include the pertinent information so it can be scanned quickly. If your 4plex is cashflowing well and the other is a good deal, you'll find someone to finance it eventually.
Best of luck to you.
Thanks. My husband called our mortgage broker and the credit union our current HELOC is with and between the two of them we may have something figured out. Adding these 4 would take us to 9 doors. Our goal is 10 (for now).