Recommendations for HELOC / HEL for investment properties?

Recommendations for HELOC / HEL for investment properties?

Rental Property Investor · Las Vegas, NV · Member since 2017 · 134 posts · 93 votes

Whats up BP Pro`s, 

I am looking for recommendations for a lender that offers an equity loan or line of credit for investment properties, ideally with stated income / low doc requirements. 

Background: I`m trying to access some of the equity sitting in my rentals to re-invest, but my W2 income is fairly low compared to the rental and self-employment income, due to higher deductions the total taxable income and qualifying rental income is way less than my actual income. Additionally, my credit history is fairly young (although good, between 720 -770 depending on where I look) since I only moved to the US three years ago, I have no consumer-, student-, or car-debt, 100% payment history and no derogatory marks, but the Banks I inquired at either don't have LOC for investment properties at all, or my income is considered to low on paper, and I am trying to access some of the equity sitting

Thanks in advance for taking the time to answer if you can help!

Best, Stephan

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  • Real Estate Agent · Merritt Island, FL · Member since 2017 · 974 posts · 1k+ votes
    7y

    @Stephan Kraus - take a look at TD Bank and PenFed. I've also heard US Bank does them and they're all over the West Coast. Good luck!

  • Rental Property Investor · Las Vegas, NV · Member since 2017 · 134 posts · 93 votes
    7y

    Thanks, @Tchaka Owen! I will look those up right now! Do you know if they offer low doc / stated income? 

    greetings to FL!

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