All Forum Posts by: Patrick O'Fallon

@Chris Bluem

I'm doing a HELOC on an investment property with them right now. They've been the worst lender I've ever dealt with, though I know this is against their reputation. The processor was(is) completely disorganized, they were VERY slow, didn't know what to look for or ask, would say she asked for documents when she didn't, went on vacation or out of office a week and half before we needed to close by the end of the month, her boss was unresponsive though they finally had someone get back to us, and then they said we missed the close date and need to wait another month. The issues we had could have been resolved weeks ago.

If you have another lender, go with them. I have $50k cash tied up in an investment because PenFed doesn’t know how to process loans.

@Matt Nico

Hi Matt, who did you use for your loan?

I working on the same problem for a property in CA. I believe there are quite a few options as long as you have >60% LTV. Anything below 60% will have roadblocks.

Thanks Sasha, I'm going to send you a PM for more info if you don't mind.

I posted this in another forum but I think this may be a good place to post as well.  

Hello everybody! Happy Friday.

I currently have an investment property that appraises at $900k. My primary mortgage is at $550k and dropping. I have a $50k HELOC with a balance of $47k. I want to pull a $100k line of credit, pay off the current HELOC balance and only have my new HELOC and the primary mortgage. This puts me at a 66% LTV. The problem I'm running into is that lenders require a 60% LTV on investment properties which seems insane to me, or they just don't lend on investment properties. Any ideas on how I can pull this equity out? Any recommendations on lenders? I'm stuck here.

Thanks,

-Patrick

Hello everybody!  Happy Friday.  

I currently have an investment property that appraises at $900k. My primary mortgage is at $550k and dropping. I have a $50k HELOC with a balance of $47k. I want to pull a $100k line of credit, pay off the current HELOC balance and only have my new HELOC and the primary mortgage. This puts me at a 66% LTV. The problem I'm running into is that lenders require a 60% LTV on investment properties which seems insane to me, or they just don't lend on investment properties. Any ideas on how I can pull this equity out? Any recommendations on lenders? I'm stuck here.

Thanks,

-Patrick

Many properties close to the ocean were not nearly as affected as those that are not.  People with money and reserves can take more of a hit and tend to want to live closer to the ocean.  Look at historical trends of the areas you think are in a bubble and see how they appreciated or depreciated during the last crash.