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Updated almost 4 years ago,
Problem using HELOC to purchase Real Estate
I have about $80K equity available in my primary residence. I also have an investment property that was purchased and held in an LLC.
The bank is requesting all kinds of documentation on the investment property including insurance docs, private loan docs, year-end statements, etc. )
I don't feel like this is necessary since the loan is against my primary residence and not the investment property. The investment property is not on my personal credit nor is it held in my personal name.
Can anyone advise as to whether is normal procedure?