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Updated over 2 years ago, 05/09/2022
Any Lenders for HELOC or HELOAN on Owner-Occupied Multi-Family?
Can anyone suggest any Lenders in the Middle, TN area, or National Lenders that will offer a HELOC or HELOAN on a owner-occupied Duplex?
I purchased this Duplex in East Nashville in 2020 for $280k, which initially appraised for $320k. I owe $250k on the property currently.
We remodeled both units, one is 3/1 the other is 1/1. I currently occupy the 1/1 and rent the 3/1 to cover the mortgage.
My current mortgage is through Mr.Cooper, which is evaluating the property around $475-500k. Looking at market trends this seems to be accurate.
I have an excellent rate on this Mortgage, at 2.75% and would like to keep it the same without doing a Cash-out Refi and doubling this rate.
Who should I reach out to and what should I have prepared to get a Line of Credit on this large amount of equity I'm sitting on?
Any help is greatly appreciated!