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Updated almost 2 years ago, 03/17/2023
Advise on type of loan
I have 3 properties, two of them aren’t rented out yet. They’ve needed some repairs. I own all three outright.
Two properties need roofs. I'd like to take a loan to pay for the new roofs . I spoke with my bank and they want to tie in the HELOC I have on my residence to create a mortgage on my house because the interest rate is better. But I'd like to keep the loan tied to my business.
Am I doing the right thing? Or would it better to take the loan out on my own house, send the money to the business and repair the roofs?
Thoughts? Thanks