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Updated about 6 years ago on . Most recent reply

Account Closed
  • Rental Property Investor
  • Glens Falls, NY
169
Votes |
176
Posts

Non Owner Occupied HELOC's

Account Closed
  • Rental Property Investor
  • Glens Falls, NY
Posted

Hi BP, 

I am under contract on a duplex located in Glens Falls New York. After I take ownership I would like to get a HELOC on the property once I complete renovations.. The value will be there when all is completed..

I feel like I have hit a road block- all the local banks around me really only do owner occupied HELOC's.

Can anyone recommend a bank with decent terms for a non OO HELOC?

Thanks, 

Dylan 

Most Popular Reply

User Stats

67
Posts
41
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James Martin
  • Metairie, LA
41
Votes |
67
Posts
James Martin
  • Metairie, LA
Replied

Would that be any different than taking a cash out REFI and then putting the cash in a safe place (like a savings account)?  Maybe the bank would do that for you, they could hold the REFI and they could keep the cash in their savings account.  Would accomplish the same thing, though you would float a little more interest I guess.

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