All Forum Posts by: Mark Alford
Mark Alford has started 2 posts and replied 9 times.
Post: Is there a bank that will lend a HELOC on a Multi Family Property
- Posts 9
- Votes 2
Quote from @Nghi Le:
This is possible. Please give me some additional details and I can tell you whether or not it'll make sense. The interest rate on a HELOC is usually higher than a normal 1st lien mortgage, but I am seeing some cases where HELOCs are in the 6's and 7's (where credit score is high and LTV is 65% or lower), which make them pretty comparable. And of course, you don't pay interest on the money until you use it, so you do end up saving a lot of interest that way.
Yes I think that is what I am looking for is a credit union referral. Maybe someone has been down this road and can point me in the right direction. I do have one idea given to me by someone I have done business with. Perhaps there are other ideas to compare to?
Post: Is there a bank that will lend a HELOC on a Multi Family Property
- Posts 9
- Votes 2
Nghi Le, what additional detail would help with this question?
Post: Is there a bank that will lend a HELOC on a Multi Family Property
- Posts 9
- Votes 2
Quote from @Nghi Le:
This is possible. Please give me some additional details and I can tell you whether or not it'll make sense. The interest rate on a HELOC is usually higher than a normal 1st lien mortgage, but I am seeing some cases where HELOCs are in the 6's and 7's (where credit score is high and LTV is 65% or lower), which make them pretty comparable. And of course, you don't pay interest on the money until you use it, so you do end up saving a lot of interest that way.
Post: Is there a bank that will lend a HELOC on a Multi Family Property
- Posts 9
- Votes 2
Thanks that is what I am looking for. I have asked around and so far nobody is offering the HELOC product.
Post: Is there a bank that will lend a HELOC on a Multi Family Property
- Posts 9
- Votes 2
Thank you for the reply. I was aware of that option. I am just exploring the possibility of this HELOC option. Maybe a Credit Union? Just want to exhaust this option before I go to a cash-out refi.
Post: Is there a bank that will lend a HELOC on a Multi Family Property
- Posts 9
- Votes 2
I am interested if anyone has a referral for a bank that will lend (first position) a HELOC on a 4 family property in Columbus, Georgia. This may put me in a position to be a cash buyer for the next property. I have asked a few banks and they don't have this product available. I was also told it was a business decision not a regulatory restriction. So maybe it's possible. I just can't seem to locate that bank. Any advice?
Post: Looking for a good CPA recommendation in New Hampshire
- Posts 9
- Votes 2
Thank you for the referral I will look him up.
Mark
Post: Looking for a good CPA recommendation in New Hampshire
- Posts 9
- Votes 2
I would be interested in your input. Do you know anyone in NH?
Post: Looking for a good CPA recommendation in New Hampshire
- Posts 9
- Votes 2
Does anyone have a good CPA recommendation for me in New Hampshire. I own 2 three families in Manchester, NH and 1 four family in Georgia. I am currently doing a cost segregation on the Georgia property. I need a CPA who is familiar with Real Estate investing and Cost Segregation strategies. Also, I am in tax extension for 2022 so this is for my 2022 return. Any input would be helpful.