Chicago Real Estate Forum

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Ryan Daniel Palmer
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How do I get a HELOC in Chicago?

Posted Jan 11 2022, 15:30

I currently own a three-unit brick building in Avondale Chicago. I've completely renovated one unit and partially renovated/upgraded another. I currently owe $476,000 on it and it should appraise for $750,000+. At 75%, I could potentially pull out $85,000 or have access to a HELOC. I would definitely prefer the HELOC. My wife and I are also about to move out of this building so it will no longer be owner-occupied. The goal is to use a HELOC for my next investment. Should I just contact my local bank to see if I can get approval?

Chicago, Illinois

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