I've got an investment property (a three family) under contract in the Boston area, and would like to use a lender who can offer me both a conventional mortgage as well as a HELOC from day one. I'm planning to put down about 30% of the purchase price as a down payment. So far I'm striking out when it comes to lenders who will offer a HELOC on an investment property in the area. Does anyone know a lender who will offer this? Thank you in advance.
@Anton Orlik Thank you I'll give them a call asap.
I have a heloc on a 4 family through Lowell 5 bank. It's not considered a HELOC though, but a business line of credit since it's a rental property. Lowell 5 is a great bank to work with.
@Ryan Wittig Thanks for the info. I'll get in touch with Lowell 5 today and see what that's all about.
@Ryan Wittig who did you end up using for your Heloc?
@Christopher Underwood - Justin McCarthy at Lowell 5.
The one caveat with PenFed is they cap you out and will not move forward if you already own 4 properties or more...
I am looking for anybody who has gone through this process for Boston and completed it.
There are a few community banks who will do it and a few local credit unions. My issue is I no longer live in the Boston area - the national ones who will do it (WF) are at 60% of LTV.
I am looking for any and all ideas!
@Matthew Mueller I'm currently doing some rehab on the property I acquired. Will likely be going through the refi process or HELOC process at the end of the year once tenants are situated and established. Haven't fully decided on one yet, but once I find a bank that meets my needs I'll let you know.
Thanks for this post @Ryan Wittig I just left a message for Justin to help me grow my real estate business thru some kind of financing. I’ll let you and the forum know how I make out.
@Ryan Wittig what was the best LTV you got?
@Nick Bennett I believe it was 75-80%. Don't recall exactly, but probably 75%.