Line of Credit for an Investment/Rental Property

[Manuel D.]

Hi Everyone, I have an investment property with 500k in Equity. I am having difficulty finding a bank or credit union willing to extend an Equity Line of Credit, the only bank I found was Wells Fargo and is willing to accept a Line of Credit for up to 60% of the value because it is an Investment Property and not my primary residence. Does anyone know of lender that could extend a line of credit for 70% or 80% of the appraised value? Thanks a lot for your help

[Lee S.]

Originally posted by @Manuel D.:

Hi @Lee S.

I called like 18 last week and they do offer 60% but the property needs to be Single Family Home, they wouldn't accept a 3plex. If you have names of the credit unions that will offer it I will appreciate if you could send me their names. 

Thank you so much

I didn't keep track of them, I was looking for one on my primary while also noting what was available for NOO. I just finished up a 95% LTV HELOC on my primary. a quick google search found this:

https://www.bankofthewest.com/personal-banking/loa...

https://www.penfed.org/home-equity-line-of-credit/

https://www.golden1.com/Loans/HomeEquity

I can find many more.  Start Dialing!