Hello BP Community,
I am encountering a constant obstacle which is hindering my growth & advancement as an investor. Over the course of the last half decade, through diligent investing, I have compiled an investment portfolio with a conservative appraisal of $2 Million+ with leverage at about $350,000. This is obviously a great equity position. The constant issue I have is unlocking & accessing this equity, preferably through an equity line of credit. Despite the extremely low LTV ratio, multiple bankers I have spoken with, keep telling me that home equity lines of credit can only be levied against a primary residence, and not against an investment property, or portfolio. I am certain I am not the only investor who has encountered this issue. Can any investors in the BP Community offer insight on how they bypassed this issue, or any other alternatives to access large amounts of equity held in investment properties?
I greatly appreciate the insight.
Unfortunately, you need a equity line of credit, ELOC not a HELOC the dumb bank should have told you this even if they don't do that.I hope this makes sense. It's like we can't tell you what you really need just that it's not a HELOC. Most times people call this a cash out. It simply means a cash out of equity.....not to sell the property.
Let me know if you have any other questions. Tag me and I will respond.