All Forum Posts by: Andrew S.

@Scott Hollister - These properties are both in Danbury, CT. The 3 family has a 30 year mortgage at 4% with 25 years to go. The 5 family has a 20 year 5/5 ARM at 5.1% (just reset) with 15 years to go.

@Victor N. - Thank you for the lead on TD Bank, I'll reach out to them today.  As it so happens, I own 4 properties so it should be an option for me.

Best,

Andrew

Hi All -

I have substantial equity tied up in two investment properties (a 5 family commercial property and a 3 family residential property) which I would like to access through Line of Credit products. However, I've called a range of lenders (banks), small and large, and so far none of them are willing to issue a Line of Credit for non owner occupied investment properties. Both of my properties have existing mortgages in first position and the existing first mortgage lenders are recommending a cash out refinance. I'm reluctant to do a refi since I have great rates locked in and I'm not 100% sure when I will need access to the credit lines, plus I'd rather avoid increasing my payments until I need the money. I'm hoping that some of the experts here with more experience and knowledge in this area could point me in the right direction. I don't think the intended use of the Line of Credit should matter, however, I am hoping to use the credit line to finance new business opportunities . . .

Thanks in advance,

Andrew

@Andrew Postell

Andrew - thank you for the insight, greatly appreciated

Regards,

Andrew

@Andrew Postell

Andrew -

This properties are both in Connecticut.

The 5 family commercial property has about a 37% LTV.

The 3 family conforming property has about a 68% LTV.

Thanks in advance,

Andrew

Hi All - 

I could use some serious help and I'm starting to get frustrated. I have substantial equity tied up in two investment properties (a 5 family commercial property and a 3 family residential property) which I would like to access through HELOC products. However, I've called a range of lenders (banks), small and large, and so far none of them are willing to issue a HELOC for non owner occupied investment properties. Both of my properties have existing mortgages in first position and the existing first mortgage lenders are recommending a cash out refinance. I'm reluctant to do a refi since I have great rates locked in and I'm not 100% sure when I will need access to the credit lines from the HELOC, plus I'd rather avoid increasing my payments until I need the money. I'm hoping that some of the experts here with more experience and knowledge in this area could point me in the right direction. I don't think the intended use of the HELOC should matter, however, I am hoping to use the credit line to finance new business opportunities . . .

Thanks in advance,

Andrew

It's better to use Borax than bleach as Borax will kill the roots of the mold and also prevent it from coming back. The professionals basically use Borax in a liquid form that they can spray on all surfaces. I doubt you would have mold in the carpet unless the leak has been ongoing for a long time. Also, mold is usually visible but can come in many colors. I would start by simply steam cleaning the carpet in that area and see if that solves the concern before ripping up the carpet.