Has anyon received a Heloc on Rental property?
I am trying to find a creative way to pull cash to invest on a new property. This is my first time looking into this sort of financing such as a HELOC. Has anyone ever used a HELOC on their rental property? If yes, what financial institutions do you recommend? Thanks in advance!
Most Popular Reply
@Kevin Romines I actually spoke with PenFed about the property limitations this morning. The information was that they will write lines of credit against investment properties only for those who own a maximum of 1 primary and 2 investment properties. Owning 4 properties disqualifies one from LOC eligibility, even if the fourth home is not financed. A LOC on a personal residence has no property limit restrictions; the borrower can own as many properties as he or she wants and will still be eligible for a LOC against his or her personal residence. It's restricting, but they are still one of the best out there. Always best to call and ask about your own needs, but we went through various scenarios this morning and this was the bottom line.