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Options for pulling equity out of rental property for purchase
I just got wind of a 4 unit property that hasn't hit the market yet. I don't have the cash required, so I'd have to finance. I'm looking at what options I have to pull equity out of other rental properties I have.
Does anyone know of investor-friendly lenders that service the San Antonio / South Texas area and will allow home equity loans or HELOCs on rental properties? I'd rather not do an entire cash-out refi because I have a much better rate on the property than I could get today.
With a 70% LTV planning factor, I'd still have plenty of room for the cash I'm looking for to make the down payment (~125k).
Thanks for any help/advice!
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Hi Anthony, I can service a investment property heloc however it might not be the best solution. Rates on these investment heloc's are 12-15% right now... You might just be better off doing a cash out refinance.
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Quote from @Anthony Alexander:
I just got wind of a 4 unit property that hasn't hit the market yet. I don't have the cash required, so I'd have to finance. I'm looking at what options I have to pull equity out of other rental properties I have.
Does anyone know of investor-friendly lenders that service the San Antonio / South Texas area and will allow home equity loans or HELOCs on rental properties? I'd rather not do an entire cash-out refi because I have a much better rate on the property than I could get today.
With a 70% LTV planning factor, I'd still have plenty of room for the cash I'm looking for to make the down payment (~125k).
Thanks for any help/advice!
You may be able to do a stand alone DSCR based second mortgage. Lenders will factor both the 1st and 2nd mortgage payment to calculate the DSCR. Rates will be in the high 11s-12.5% Range
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Lender California (#02161719)
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- https://www.luxeprivateinvestmentsllc.com/
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Helocs are tough to get on investment properties but can look into cashout refinance options on your investment properties upto 80%
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Lender
- Lendbright
- 267-516-0896
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@Anthony Alexander, I might be able to share some lending resources with you in the area that can assist you with your scenario. Feel free to reach out. Happy to share some knowledge.
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Lender Texas (#2448506), Louisiana (#1039511), Georgia (#1039511), and Florida (#1450514)
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