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HELOCs on Investment Properties
Has anyone found lenders (preferably credit unions or small local banks) that do HELOCs on investment properties, or are okay with a tax return that shows income generated occasionally on a 2nd home? PNC Bank denied me for a HELOC on my 2nd home because my tax return shows I also make income on it. Appreciate any up to date insight. I currently only found one credit union (MembersFirst) that will do a HELOC on an investment property. Currently chasing that down but looking for other options.
yes - try The One Brokerage
not affiliated with them in any way nor posting on their behalf
just a current customer
Hey Daniel Lidwin! I would look into figure.com, that one was recommended to us in our group. I haven't used them, but its been recommended. Hope it helps!
Hey Daniel Lidwin!
A place like Figure will likely deny you, from my understanding they're focused on the cleanest cut scenarios. Credit Unions can be great but you're at the mercy of their individual guidlelines and old school Underwriting "gut checks".
We(Lower.com), offer HELOCs on investment properties and 2nd homes, we go off of the "Agency Definition" of a 2nd home which is "occupied for some portion of the year". Otherwise, we lend on investment properties, so if we couldn't fit it into the 2nd home qualification we'd have solutions.
Feel free to connect! Good luck on your search!
Have you had any luck l? I'm in the same boat looking for 80 LTV with interest only draw period.
I closed with the One Brokerage. And I can’t even begin to describe how incompetent and aloof they were. Would not recommend.