Heloc for LLC---Read to see who is doing it!!

[Sergio B.]

I already have my 1st investment property under an LLC owned by me and my wife, the property was purchased cash a few months ago. Is fully rehabbed and rented now with a nice cash flow.

My bank (BBT) initially told us months ago they'll be able to give us an HELOC for an LLC, however once we went this week to actually do it, now they say they only can do it under our personal property , they wont do one for an investment property under an LLC.

Bummer...after asking a few banks with no luck.....more negative karma...then I went today to Wells Fargo ( thanks BP for the tip!!) and spoke with a Business Banking Specialist , and they say YES we do it.....bring your business here! It will have to have a personal guarantee , but we do it!!! so if you need one reach out to Wells Fargo ( no, I am not a robot writing and ad for them) .

Will be bringing ALL the paperwork needed ( just my two last income taxes) at the end of this week to apply for the loan. Doesn't get any easier...tune in , I will be updating soon

[Sergio B.]

@Jeff S. Rates start at 4%, depending on you credit ( there is a personal guarantee required even if the loan is for the LLC) I will get more details tomorrow.

@Scott W. I don't think this will be a first, as a matter of fact i got the tip from here, where other BP members were able to get this type of loans from WF.

@Mike H. That is definitely a must, the guy at the bank pulled information from the county to see if the property was free and clear. He stated 1st lien position is a must. Your case seems more complex, how much in percentage do you have in equity on those properties? It could make more sense in your situation to sell the one with more equity, buy some other property free and clear and then use that property to get the HELOC.