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Updated over 8 years ago,
Credit line backed by rental property?
I have enough for a 20% downpayment on something that needs work but would need to come up with $$ for the rehab.. How about a credit line?
The property I own with the most equity is my 1st purchase - a duplex I lived in for a while and now use as a rental property.
I've just scratched the surface with my research on lines of credit, but it seems like lenders only want to do credit lines on primary residences.
I have more equity in this rental than in my primary. Plus my primary is in my wife's name. Pus I'm not totally comfortable with borrowing against my primary in order to invest.
Any good lenders out there with good terms for credit lines backed by a rental property?