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Updated 12 months ago on . Most recent reply

User Stats

45
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26
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Alana Reynolds
  • Real Estate Agent
  • Jacksonville Florida
26
Votes |
45
Posts

Heloc On Investment Property???

Alana Reynolds
  • Real Estate Agent
  • Jacksonville Florida
Posted

I am looking to borrow 50k from equity in a 4 unit investment property to use as a downpayment on a personal residence.  I know this is rare and no one does it. Let me know your ideas on how to borrow 50k! Thank you ! 

More Details. 

rental property 390k owed

worth 490k 

located in MD

purchasing single family home in Macclenny Florida to live in. 

Most Popular Reply

User Stats

1,476
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928
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Matthew Crivelli
  • Lender
  • Massachusetts
928
Votes |
1,476
Posts
Matthew Crivelli
  • Lender
  • Massachusetts
Replied
Quote from @Alana Reynolds:

I am looking to borrow 50k from equity in a 4 unit investment property to use as a downpayment on a personal residence.  I know this is rare and no one does it. Let me know your ideas on how to borrow 50k! Thank you ! 

More Details. 

rental property 390k owed

worth 490k 

located in MD

purchasing single family home in Macclenny Florida to live in. 

You're already mortgaged at 80% LTV. You won't be able to touch the 20% equity. Lenders are not giving HELOC's over 80% LTV. Your only option would be to sell the house. 
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Freedom Capital Funding, LLC
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