HELOC on Investment Property?

Question

Hi All. Does anyone know of a lender that will give a HELOC on an investment property.  I’d rather not give up my current first mortgage rate to get cash out to renovate.

Chris Seveney · Answer

we recently provided one to an investor but only went up to 70% LTV, - typically you can get them at 60-70% LTV

Stephanie Sanchez · Answer

Thanks ? for information.

Ashley Claunch · Answer

We have used local credit unions to do that, @Ron Simoneau

Stephanie Sanchez · Answer

Does anyone know of where I can get a HELOC loan on a property that is fully paid for but in a one manager LLC?

Thanks

Jeffrey Blackman · Answer

Hi @Stephanie Sanchez, I’ve come across this scenario before both as an investor and in my work as a licensed mortgage broker. You can get a HELOC on a free-and-clear property held in a single-member LLC. Your options will vary depending on whether you go the traditional route (personal income-based) or consider a DSCR HELOC that’s based on the property's cash flow. Happy to share what I’ve seen work in these cases if that helps!

DM me or give me a call.

George Post · Answer

Doing one right now with TD bank!

Jeffrey Blais · Answer

Hi Ron:

Yes, we can finance a HELOC on an investment property.  Let's connect, I'm more than happy to assist!  (Licensed Mortgage Broker in Fall River, MA)

Brian Connelly · Answer

I just did one through Rockland Trust for my investment property in MA. Good experience; good rate, good turnaround.

Jeffrey Blackman · Answer

@Ron Simoneau, I'm happy to talk through HELOC and other 2nd mortgage options in 30 states, including MA.

Sam Abazari · Answer

Hi Ron! Yes you can do HELOCS on investment properties as long as it's not a multi unit. If your property is in MA I can't do it for you because I am not licesned there but I can connect you with someone if you'd like