HELOCs on MI Rental Properties

[Anton Bieliauskas]

Does anyone know of any lenders that will do HELOCs on rental properties in MI?  I was verbally told Huntington Bank would do it, but I've yet to pursue them.  All the other banks I've asked have said they don't do this.

[Rick VanRyckeghm]

Anton, 

I don't know if Huntington Bank will do a HELOC, but I have used them to get "cash out refinancing" out of some of my rental houses. They will give you up to 75% of the apprased value of the house. If your house (not you) qualifies for their LMIT loan, they will pay most of the closing costs as well. The LMIT is for financing (and refinancing) houses in "Low to Medium Income Tract". If your house is located in an area that they are calling an LMIT area, then it is a great way to get money out of a property. Do a quick Gioogle search for more info on this loan.

I paid cash for my houses and they were a LMIT area, so it was an easy way to get my cash back.  

Rick V...