Seeking HELOC Lender for My BRRRR Investment in Atlanta

[Kain Kim]

Hey there fellow real estate enthusiasts!

I'm looking to get a HELOC loan on my primary residence's equity to buy a BRRRR property in Atlanta, GA.

Seeking a lender with competitive rates, quick approval, and local expertise. Any recommendations or insights appreciated! 🏡💰

[Doug Smith]

Unless you're going to a community bank for a HELOC, most underwriting for that product are being done outside of your home market. The bigger banks ship the underwriting out to some central shop and even brokers and larger retail lenders that do HELOCs ship those out. Some are even super-automated. Figure, for instance, backs a lot of HELOCs that retail lenders and brokers offer. They are so automated that if something doesn't fit the box or if there is any kind of discrepancy on something as small as how the address reads, there is no human to look at it. Some larger lenders are having humans look at them, but unless you're chatting with a community bank, gone are the days of having a local human underwrite your HELOC. We do HELOCs (although not for primary residences in GA like you need), but we've started to veer more towards using installment loans. When there is a downturn, one of the first things a lender freezes are HELOCs. Beware, you'll see many HELOCs get frozen soon. I've seen that happen too many times when there are market downturns to think anything else.