Rental Property Investor · Chester, NJ · Member since 2015 · 7 posts · 0 votes
Hi all!
Does anyone have experience with banks willing to do a HELOC or Home Equity Loan on a rental in New Jersey?
*background: I have a 1 bedroom in Hoboken that has appreciated significantly, however a cash out refinancing doesn't make sense because it is non-conforming/non-warrantable (1 group owns 11% of units) and doesn't comply with Fannie/Freddie loan. Only loan options i've found are higher interest portfolio lenders while I'm locked in at 4% for 30 yrs now but have PMI for another few years.
I don't know if this will help, but I was looking for the same thing a few months ago. I went to TD bank where I have a Heloc on my own home but they wouldn't do anything for a rental. I then went to a local bank (Newfield National Bank) and they gave me a commercial line of credit on one of my properties. They even said I could get a one lump sum line of credit using all my properties as collateral, which I intend to do so that i could invest in a multi family building.
I'll have to pay for appraisals of all the properties and they charge an annual fee of $250, but with a large line of credit I'll be able to act fast when I find the multi family deal.
I don't know if this will help, but I was looking for the same thing a few months ago. I went to TD bank where I have a Heloc on my own home but they wouldn't do anything for a rental. I then went to a local bank (Newfield National Bank) and they gave me a commercial line of credit on one of my properties. They even said I could get a one lump sum line of credit using all my properties as collateral, which I intend to do so that i could invest in a multi family building.
I'll have to pay for appraisals of all the properties and they charge an annual fee of $250, but with a large line of credit I'll be able to act fast when I find the multi family deal.