National HELOC Lenders

[Gunnar Linden]

Hi looking for suggestions on who to use for Home equity line of credit. I am interested in a fixed rate. Would be nice if they do not have the 12 month primary residence requirement. A local lender I spoke with said their bank does not have this rule as long as the property is a primary residence at closing all is fine but for other reasons I may not use them, any suggestions; new to this aspect of real estate. Appreciate the advise.

[Albert Bui]

Most of our HELOC lenders require tax returns however their pros are 1 year tax return for self employed folks, 10 financed rental properties max, and clear cut guidelines so you dont hit any grey area snags when applying for them unless typical heloc guidelines which vary from bank to bank.

However some banks dont need appraisals or tax returns at all if you're under 500k. I would recommend going to those banks directly. I know there are a couple here in WA state that I've heard of.

Sometimes investors need a larger line size which is rarer. Our 1st position All in one loans or lines of credit can go up to 2Million with reasonable LTV's. This can allow an investor to operate their own bank of sorts when it comes to being able to buy larger deals and utilize snow balling for all of your cashflow sources from rentals, jobs, notes, and other sources to accelerate debt pay down.