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Updated about 2 years ago,
Line of Credit on Multifamily Property?
I currently own a 4plex with an estimated 150K+ in equity and I would like to access the equity in order to purchase some more properties.
I have never used a line of credit before and naively assumed it would be a straight forward process. However, after calling multiple banks and credit unions I have come to realize that no one seems to offer such a product for investment properties. Unfortunately I do not have enough equity in my primary residence to pull from there.
Does anyone know of any lenders that will allow a line of credit on an investment property? I have read of other people that were able to accomplish this, however those threads are a few years old. I am located in Tallahassee, FL if that helps.
Any assistance or advice is greatly appreciated!