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Updated over 11 years ago on . Most recent reply
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Are there any banks writing Home Equity Lines/Loans on non-OO Multis?
Are there any banks writing Home Equity Lines/Loans on non-OO Multis?
Has anyone had any luck with banks/whatever lending at rates at 6% or below on their multi family properties? I've had no luck with 15 or so lenders near my rentals in VT.
Most Popular Reply
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TD Bank is writing LOC on Non Owner Occupied properties. The costs are rather staggering, but they seem to be willing to look at them.
Costs associated with the process:
$900 Fee
1.5% Origination (not sure if that is correct term) Fee against total amount borrowed
$500+ for an appraisal (must be a new appraisal from the round robin method)
I paid non of these as I was looking for less than 10k at the outset.