Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 7 months ago on . Most recent reply

User Stats

15
Posts
9
Votes
Sean Wilt
  • Investor
  • Rome GA
9
Votes |
15
Posts

HELOC out of STVR Property

Sean Wilt
  • Investor
  • Rome GA
Posted

Hello,

I have 2 full time STVR Properties that have substantial home equity ($400k each). I am looking to be more active in real estate investing primarily in shorter term fix and flips. I spoke to my banker today and he indicated that they won't do a HELOC out of a home that is a rental - only from my personal residence. Is this typical? I also have substantial equity in my personal residence, but just something about borrowing from my life home makes me uncomfortable. Anyone know an option to get funds out of my STVRs on favorable terms? Looking for a LOC that I can get in and out of quickly and easily as I find deals and then cash out of deals.

Most Popular Reply

User Stats

3,986
Posts
1,237
Votes
Erik Estrada
#1 Mortgage Brokers & Lenders Contributor
  • Lender
1,237
Votes |
3,986
Posts
Erik Estrada
#1 Mortgage Brokers & Lenders Contributor
  • Lender
Replied
Quote from @Sean Wilt:

Hello,

I have 2 full time STVR Properties that have substantial home equity ($400k each). I am looking to be more active in real estate investing primarily in shorter term fix and flips. I spoke to my banker today and he indicated that they won't do a HELOC out of a home that is a rental - only from my personal residence. Is this typical? I also have substantial equity in my personal residence, but just something about borrowing from my life home makes me uncomfortable. Anyone know an option to get funds out of my STVRs on favorable terms? Looking for a LOC that I can get in and out of quickly and easily as I find deals and then cash out of deals.


You can get a HELOC on an investment property. You may need to speak to a broker that has access to UWM to get one. the max CLTV is 75%.

If you cannot qualify traditionally, you can also get a DSCR based 2nd Mortgage. Lenders will qualify you based on the rental income covering both the first and 2nd mortgage payment.

business profile image
LuxePrivate Investments LLC
5.0 stars
39 Reviews

Loading replies...