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Updated about 6 years ago on . Most recent reply

When HELOCC isn’t an option!
Hello,
I currently invest in St. Louis, MO. For the last few months I have contacted more than two dozen lenders (traditional banks, credit unions, etc) and have been told by them all that HELOCCS are not an option.
This has left me discouraged, as I had planned on using my two FREE AND CLEAR units to help finance additional purchases.
At this point I feel as I will never be able to get the equity out of my two units to help with the purchase of additional units.
Outside of a hard money lender to finance my deals what other options do I have? How can I leverage what I have to get what I need for more deals?
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- Lender
- Fort Worth, TX
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@Kizzy Robb finding a lender who will write a Line of Credit on an investment property is significantly more challenging than finding a HELOC on a primary home. I've got a couple of suggestions here to help with this. You can ABSOLUTELY find a lender who does this.
- Post this in Missouri forum. A local bank will have better chances of writing this than a large bank. So maybe lean on some local people in Missouri to see who they have used.
- If you do want to try to find a lender on your own try to find banks you have never heard of. The smaller the better. If it's a bank with one location, that's the one you want to call first. It took me about 200 lenders to find 3 that write them (that's here in Texas) so expect that many calls to find them.
- Also, try using the term "Line of Credit" when you call a lender. It's sounds strange but HELOCs are generally written by the residential department. Lines of Credit are generally in the commercial department. Sometimes the two department don't even talk to one another. So try that term and hopefully that will get you to being successful sooner.
Hope this helps!