HELOCs on Investment Property in DC Area
Hey BP Fam,
I'm having a hard time finding a bank that will do HELOCs on rental properties in the DC (DMV area). People have mentioned that I might want to try a local lender or credit union. I'm not a part of any credit unions.
Does anyone know of any local lenders that provide HELOCs for investment properties?
Hi Tiana -- My LLC has a couple of business loans secured by rental property. Best, Teresa
- Rental Property Investor
- Baltimore County Maryland and Tampa Florida
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@Tiana O. You can likely become a member of several credit unions as they don't all have much of a restriction on membership.
While we can not give you recommendations here in this thread (against forum rules to give recommendations outside the marketplace), we can give you advice. You're correct in talking to smaller local banks.
The other big thing is that rather than the term "HELOC", for your rentals, you'll want to ask for a "line of credit" secured by your rental. Essentially the same thing, but if you call it a HELOC, they might just say "oh no we don't do that".
Go out and visit a few banks! Best of luck!
Originally posted by @Nicole A.:
@Tiana O. You can likely become a member of several credit unions as they don't all have much of a restriction on membership.
While we can not give you recommendations here in this thread (against forum rules to give recommendations outside the marketplace), we can give you advice. You're correct in talking to smaller local banks.
The other big thing is that rather than the term "HELOC", for your rentals, you'll want to ask for a "line of credit" secured by your rental. Essentially the same thing, but if you call it a HELOC, they might just say "oh no we don't do that".
Go out and visit a few banks! Best of luck!
Such a good idea. I've heard of people getting bank lines of credits. So essentially instead of getting an unsecured line of credit, I can ask for a general line of credit and just use my rental as collateral. Way to think outside the box!! I'm going to look into this.
Penfed gave me a 80% LTV HELOC on my rental property and soon going to be doing a 90% LTV ON my primary residence with them. Very easy to join and great service. They are in the dc area.
