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Updated about 3 years ago on . Most recent reply
#5 Investor Mindset Contributor
- Investor
- Greenville, SC
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HELOC in South Carolina
#5 Investor Mindset Contributor
- Investor
- Greenville, SC
Does anyone have a recommendation for lenders doing 1st mortgage HELOCs on investment property in SC (Greenville and Upstate SC)? I know lenders who do closed end HELoans on investment property but not HELOCs. Residential only please...I'm familiar with what's available on the commercial side.
FYI...Pen Fed and US Bank are not in SC.
Most Popular Reply
#5 Investor Mindset Contributor
- Investor
- Greenville, SC
- 13,015
- Votes |
- 4,908
- Posts
#5 Investor Mindset Contributor
- Investor
- Greenville, SC
@Chad Hensel @Will Gaston @Daniel Rutledge @Mario Brown @Adam Odom @John Underwood
You may want to read this one. I just spoke with a branch manager at UCBI and they will do HELOCs on single family rental properties...they treat them like second homes. 70% LTV, no closing costs, 2.75% promotional fixed rate for year 1, Prime - 0.25% after that for top tier credit, 10 year draw, penalty for closing within 3 years. Wow. Their web site says no rental properties but the branch manager told me otherwise. I don't know if they will do more than one "second home".
I have MF; so, it won't work for me.