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Updated over 3 years ago, 09/01/2021
Getting a HELOC on an investment property.
Geez it has been extremely difficult to find a lender to give me a HELOC or Home equity loan on an investment property that I have quite a bit of equity in. I dont want to refinance because my interest rate is super low. Id like the loan to be able to put a down payment on a bigger property(quadplex) as I would be able to pay the loan off in about 2-3 years. Does anyone have any advice on this? I have called all the local banks and they wont do it unless they are the first lien on the property. I tried online but that caused me to get spammed with calls. Any advice would be greatly appreciated. Thanks!
Originally posted by @Taylor Dasch:
Geez it has been extremely difficult to find a lender to give me a HELOC or Home equity loan on an investment property that I have quite a bit of equity in. I dont want to refinance because my interest rate is super low. Id like the loan to be able to put a down payment on a bigger property(quadplex) as I would be able to pay the loan off in about 2-3 years. Does anyone have any advice on this? I have called all the local banks and they wont do it unless they are the first lien on the property. I tried online but that caused me to get spammed with calls. Any advice would be greatly appreciated. Thanks!
Hi Taylor, type HELOC for investment in the search bar and you will find a ton of posts about this subject. Navigate to the most recent ones. I'm certain, you'll find plenty lender names. Some may be nationwide and some may only have local footprint. That said, where is your property located at?
Originally posted by @Paul Defngin:
Originally posted by @Taylor Dasch:
Geez it has been extremely difficult to find a lender to give me a HELOC or Home equity loan on an investment property that I have quite a bit of equity in. I dont want to refinance because my interest rate is super low. Id like the loan to be able to put a down payment on a bigger property(quadplex) as I would be able to pay the loan off in about 2-3 years. Does anyone have any advice on this? I have called all the local banks and they wont do it unless they are the first lien on the property. I tried online but that caused me to get spammed with calls. Any advice would be greatly appreciated. Thanks!
Hi Taylor, type HELOC for investment in the search bar and you will find a ton of posts about this subject. Navigate to the most recent ones. I'm certain, you'll find plenty lender names. Some may be nationwide and some may only have local footprint. That said, where is your property located at?
Lmao I suppose I thought it was pretty rare, my property is in Temple Tx. Thanks for your help!
