Heloc on investment property

[Mckenzie Jean]

Hey BP fam, I bought my first rental property in 2019 and have some equity I’d like to pull out to either buy an other rental or air bnb in DR. I’m having a hard time finding a bank lend me money on my property. If someone can point me towards the right direction it’ll be much appreciated. I’m in the central Connecticut area 

[Michael Doherty]

@Mckenzie Jean I am not aware of any banks allowing a HELOC on a non owner occupied investment property. What my partner and I have done to side step this is.... Key Bank allows a Business LOC for up to 50k. Not $50,001 but $50,0000. Anything 50k and under they don't require and proof of income, verification of assess ect. All you need to do is have an LLC, it may not even have to be active for over a year. You can say the business makes whatever you want and there is no verification. You are personally guaranteeing the return so they will ask for your social ect. My partner and I correctly have a few of these out right now (through multiple LLC's) and it's helped when we needed it. The rate is not fixed so right now we are paying around 13%.... its a short term fix so keep that in mind.