100% LTV HELOC in CT?

[Stephanie Cabral]

Hi all! I read a comment that included an interesting strategy on another post that said the user got a HELOC that was 100% LTV and I was wondering if that's something that still exists. Does anyone know of a lender that would offer such a high LTV line in Connecticut? Thanks in advance for your collective wisdom!

[Scott Hollister]

Hello @Stephanie Cabral,

I did and it worked out well. I used almost 100% of others money. Hard money loan and HELOC combo to purchase a foreclosure in 3 weeks. Rehabbed it in 10.5 days.

I ended only going up to 90% because it was a cheaper interest rate. 

90% LTV: 4% interest only for first 24 months. Then prime rate plus 2.5%. (Still cheaper than hard money and it follows rich dad poor dad philosophy of using other peoples money)

100% LTV: 6.25% for first 24 months but then goes to prime +5.75%. (Max of 25k though)

IMO I would not go with American Eagle. My first auto loan was from there 6 years ago, they were better then but I like a bank that feels like family and will give me a chance to prove myself.  American Eagle would not loan to me because of my debt to income ratio, which I understand because of their guidelines. I even offered to sit down and explain what I was doing with the money but I never got a returned phone call or the time of day. 

If you need a contact for Finex let me know and I will put you in contact with the loan department.