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Updated over 7 years ago on . Most recent reply
Two investment properties F&C, want to utilize equity-Need Lender
I currently own two investment properties (a 3/1 and 2/1) free and clear for a little over a year now. I'd like to either take out a HELOC or home equity loan, however I'm running into a few roadblocks.
One issue is that I would like to group both properties together in one loan to avoid excessive closing costs and all around headache. A second reason for wanting to do this is that both properties value are relatively low (it seems a lot of banks have a minimum loan of 50-70k). I'm not sure what they would appraise at, but the county auditor has them at about 44k and 21k respectively. Both of those values have not been updated since I renovated the properties though.
Can anybody point me in the direction of a lender that might work with these terms, or maybe what I'm looking for doesn't exist?