Looking for a lender: HELOC on investment property in IL

[Dave Hart]

Looking to secure a HELOC on an long term rental property in IL. I've tried the BP Find a Lender and the David Greene One Brokerage. Neither have options for investment property HELOCs in Illinois. Any recommendations?

[George Skidis]

HELOC stands for HOME Equity Line of Credit. The KEYWORD IS HOME! So, you are asking for the wrong thing. Rental properties are not your home. What you want is a Business Line of Credit Secured by Real Estate. Mine was with US Bank. Before that with Regions Bank. Once you locate a lender you will need a current appraisal of the property, proof of insurance, Rent Roll for all properties everywhere, Last two years income tax returns for you and if held in a business the business as well. If the property is held in a Land Trust they may ask you to take it out.