This is a revise & re-post, because originally I was going to utilize a property in NC, and realized the 5+years of rentals from my other property might bode well with a loaner.
I am looking form some local help today a *recommendation* (I not soliciting for direct lenders) for a Home Equity loan on a SFH Rental we own in Hilton Head, SC. The LTV ratio we are looking for is about 0.50 and we own the SFH outright and have been renting it for about 5+ years. We're looking to borrow funds to use for a potential short sale, elsewhere.
Just haven’t been able to find any good institutes and we’re looking for some relevant and experienced responses.
Rental Property Investor · MN · Member since 2017 · 864 posts · 555 votes
7y
Hey @Matthew Patrick although I am not local, this strategy tends to work. Go and sit with 10 or so community banks and credit unions. Let them know what you want and see what they can offer you. Most will be flexible enough to likely provide what you are looking for
Thanks @Jake S.I really appreciate that, but unfortunately I am not local... and hence my dilemma. I am unsure if the BP community in the area has worked successfully with a particular institute
Summerville, SC · Member since 2018 · 553 posts · 252 votes
7y
@Matthew Patrick
I'm also in SC (greater Charleston-Summerville area). Small, local community banks are definitely the way to go. Would recommend Synovus (formerly NBSC), Ameris, or Heritage Trust. I have experience with all, though not exactly the same thing you're seeking. My most amazing experience has been with Synovus, who offered me an UNSECURED business LOC for $100k. Unheard of for the small biz REI, in the world of so many other financial institutions.
Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 734 votes
7y
There are lenders that will allow you to use home ownership as experience in Real Estate Owned. Most lenders will give you a spreadsheet for listing your experience.
You can sometimes find one who will use your equity to cross collateralize the rental loan. I also have lenders who can do 30 years on stated income but they require 2 rental properties but with their loan comes rates under 6%!!!