All Forum Posts by: Adam Craig

Believe it or not Huntington offers them in the second position. I was ruled out because its held in a LLC though.

I dont want to refinance because I have already refinanced to the point where my cash flow numbers still work. Right now I have only $180 spread each month and don't want to lose money monthly on any of my holdings. My balance on the house is 80K and it appraised for 166K - I might end up selling it though I would love to cash in in 10 years instead of now.

I called WF - they only do 60% LTV max in Ohio - ouch. Thanks though!

 I dont see any branches in Ohio but my own home is financed through them so I will call and check thanks

After calling 33 small banks I have come to the realization I am not going to get a HELOC on a rental property in the second position.

I know Huntington/Penfed/Navyfed/TDbank will do them but due to various reasons including being out of state, too many properties, properties in LLC - I am ruled out of those lenders. Refinancing is also out the question.

I have 2 properties with 150K in appraised equity and I am looking for a loan or HELOC around 80K. Is there any other way to barrow against this equity?

I have also been having issues with this. Huntington bank is able to go 80 LTV long as its in your personal name. I just went through the whole application process and they even appraised it only to tell me I have to own the property for at least a year before they can do this deal. I would think that should be one of the first questions they ask so I didnt waste a month of my time.

Oh well back to cold calls.

Looking to improve the appearance of the front of this flip we are doing. Was considering brick facing the bottom half of the house but it's quite expensive. Any thoughts? The inside is decked out so hopefully they will overlook the not-so-nice exterior

Between the 21 rental properties I own - I have approx 600K in appraised equity. Each property has already been refinanced to the maximum value that I feel comfortable with cash flow numbers.

Rather then pay 12% on hard money for my rehabs - I would love to tap into some of this equity to reduce my hard money interest. Out of the 20 banks I called, I only found one that does a HELOC on investment properties but the rate is 10% and needs to be in my name.

Are there any type of loan products out there that can combine some of my properties equity and give me line of credit or strait loan against them?

Was this rate for a HELOC on an investment property or personal home?

What was the rate after promotion? The quote I received from Huntington was 10%. I get hard money near that so it doesnt seem worth it.

I was wondering if anyone has referral for HELOC on investment property in Ohio.

PENFED and NAVY are out - I have more then 4 financed properties.

Huntington does them but at 10% interest.

I searched the forums and saw some recommendations but most of those banks were out of state. Do banks typically require you to be local or will they lend nationwide?

I was wondering if anyone has referral for HELOC on investment property in Ohio.

PENFED and NAVY are out - I have more then 4 financed properties.

Hunting does them but at 10% interest - I think I can do better.

I searched the forums and saw some recommendations but most of those banks were out of state. Do banks typically require you to be local or will they lend nationwide?