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Updated almost 9 years ago on . Most recent reply

Ricky Beliveau's profile image
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Ricky Beliveau
  • Investor
  • from Boston, Massachusetts
  • Member since Nov 6, 2015
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Ricky Beliveau's profile image
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Ricky Beliveau
  • Investor
  • from Boston, Massachusetts
  • Member since Nov 6, 2015
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Ricky Beliveau
  • Investor
  • Boston, MA
41
Votes |
107
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General Real Estate Investing

Line Of Credit

Ricky Beliveau
  • Investor
  • Boston, MA
Posted

I have a large amount of equity in two of my multi family properties in Boston. They are both locked in at very low interest rates on 30 year fixed. I am wondering what options exist for lines of credit off of these properties to be used as liquidity in my flipping/condo conversion business. I know HELOC is only for primary residence so looking for options/lenders that will do similar for rental properties up to say 70-75% LTV.

Thanks!

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Percy N.'s profile image
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Percy N.
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  • from Philadelphia, PA
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Percy N.'s profile image
Percy N.
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  • from Philadelphia, PA
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Percy N.
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  • Philadelphia, PA
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Percy N.
  • Developer
  • Philadelphia, PA
Replied

@Ricky Beliveau, look for a local portfolio lender who will offer a commercial LOC on these properties. Typical rates are 5.5% APR with 1 point.

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