Any Bank/Lender in GA or OH for HELOC?

Atlanta, Georgia
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Any Bank/Lender in GA or OH for HELOC?

Michelle Mercer
Investor · Atlanta GA | Cleveland OH | RTP, NC · Member since 2018 · 27 posts · 16 votes

I have several properties in the State of GA and OH.

They are locked at 2-3% interest rate. Most properties have around 50% debt on them. See below.

Is there way I can get put some these equity into use without refinancing to 8-9% rate? I'm thinking about HELOC against them, but not sure which bank does LOC against rental properties?

I also have a commercial property - with $1.1M debt, $2.1M market value - seasoned for 3 months now. Anyway to get HELOC against that commercial property?

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  • Jack Matthias
    Lender · Chicago · Member since 2023 · 176 posts · 70 votes
    2y

    Hi Michelle,

    We do offer HELOC's on investment properties. Taking a look at the guidelines and it looks like we would be able to take you to a LTV of 70%.

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  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 667 votes
    2y

    I know this probably isn't the case but the negative loan balance may be confusing for some who may see a matrix for the first time. HELOCs are available for investors but as far as I know, there is no DSCR underwrite. All traditional DTI / governmental standard qualification rules apply.

    [email protected]860-538-3672
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  • Michelle Mercer
    OP
    Investor · Atlanta GA | Cleveland OH | RTP, NC · Member since 2018 · 27 posts · 16 votes
    2y
    Quote from @Jack Matthias:

    Hi Michelle,

    We do offer HELOC's on investment properties. Taking a look at the guidelines and it looks like we would be able to take you to a LTV of 70%.


     Send you a message. Let's connect

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  • Michelle Mercer
    OP
    Investor · Atlanta GA | Cleveland OH | RTP, NC · Member since 2018 · 27 posts · 16 votes
    2y
    Quote from @Devin Peterson:

    I know this probably isn't the case but the negative loan balance may be confusing for some who may see a matrix for the first time. HELOCs are available for investors but as far as I know, there is no DSCR underwrite. All traditional DTI / governmental standard qualification rules apply.


    Yup yup - looking for traditional HELOC - I have great credit and great income. Shouldn't be a problem here.

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