All Forum Posts by: Brent Pearson

I have a client who lives in King County whose current house has no mortgage and should clear one million when it sells. They're wanting to sell it and move south to put some of that equity in the bank. They don't want to take out a mortgage on the new house, which they would be required to keep for 6 months, but was told by their bank that they could only get a HELOC of $190,000, which is well short of of what they'd need to make a cash offer down here in Olympia, and contingent offers aren't going to get a second look in this market. Does anyone have ideas / suggestions on how we can use the equity they're sitting on to get this done? Thanks in advance for any assistance / input you can provide!

I got a HELOC on a duplex with Pentagon Federal... according to their website they're offering up to 80% LTV with a 7.24% rate. Used it to help pick up a new SFR rental.