Has anyone been able to get a HELOC on a rental property?
I keep getting turned down, but I've been told some local banks will sometimes entertain it.
It's located in San Diego, California, and I live in Brooklyn. It's rented well and has about 60% in equity. Any tips or suggestions?
Most Popular Reply
@glen ...
I know it's me. I am not trying to be argumentative, it's just that some REI terms are overloaded. They take on different meanings depending on the parties in the conversation. I know what you mean when you say "Whether or not it's called a "HELOC" or some other line of credit is irrelevant." But the bank guy doesn't necessarily know what you mean. "Prime Equity Line of Credit" is not a HELOC. Underwriting, rates, terms, ... all different.
I expected to see something like your above post. My only suggestion (no hate posts, please, I'm trying to be constructive) is to avoid using the word HELOC when inside a bank... unless of course you mean getting a second mortgage on your personal residence. "Equity draw", PELOC, "LOC for rental"... anything but HELOC. My 2 bitcents.