HELOCs on Rental Units

[Sean Honeycutt]

Good day, 

So I keep hearing about BRRRR as the way to go, but I'm running into issues with banks not wanting to offer lines of credit or cash out refinances. Market's pretty good in Indianapolis and the suburbs, and my credit's in the excellent range. So I am thinking it's just a matter of the banks don't write scripts on rental properties, or have minimal experience writing scripts on rental properties, so they are just saying no.

Anyone know of a bank that does these types of loans for us more often?  Maybe I am just asking the wrong banks, being my thought.

[Robert Hooks]

@Sean Honeycutt just like everything else.... its a numbers game. I recently made a list of 50 credit unions and banks to call re Helocs on investment properties and I can up with 1 in CA that would do it for a worthwhile CLTV but they had weird arbitrary rules that I couldn't work around. People have mentioned Penn Fed and Quorum. I have spoken with PFCU and they will do them but the CLTVs aren't great or at least weren't great 3 months ago. Maybe that has changed. Quorum is on my list to call this week.

After making so many of these calls I realized that on the HELOC pages for these FCUs and banks if you sroll down to the fine print it will tell you most of what you're looking to find out. Saved me a lot of time vs calling.

Good luck.