Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 1 year ago on . Most recent reply

User Stats

24
Posts
8
Votes
David Santana
8
Votes |
24
Posts

Need Help with a H.E.L.O.C.

David Santana
Posted

Trying to get a H.E.L.O.C. but I'm running into some problems.  The property is Puerto Rico and I'm a resident of the State of Florida.  The Bank in Florida won't give me the H.E.L.O.C because of the property in Puerto Rico and in Puerto Rico I have to be a resident of the Island and Line of Credit are base on income not on equity. 

The Condo base on the last Title Study done in March 2019 is worth 150k the title is clean (it means it does not own any money) but because of the situation can get the private banks open a line of credit.  I have turned to a few private lenders some have considered the idea but the fact that they don't do business in Puerto Rico hinges my efforts. 

I'm looking for recommendations, I'm looking for a line of credit, not a loan max 100k are there any private lender out there that might be able to help me or recommend me a course of action.  According to MyFico.com my credit is above 700 might be higher by the time the next report comes by on June 17th.  Any suggestion or advice will be most appreciated, thank you for your time in advance. 

Most Popular Reply

User Stats

186
Posts
103
Votes
Kathryn Morea
  • Developer
103
Votes |
186
Posts
Kathryn Morea
  • Developer
Replied

OK, I checked with Max and he says that currently Sunwest is not doing HELOCs, they are doing purchase money mortgages only. HELOC's might be available again at some point with Sunwest, but not at this time. Sorry. You might check with the local PR banks like First Bank and Banco Popular, if you haven't checked with them yet.

Loading replies...