How do I get a HELOC in Chicago?

[Ryan Daniel Palmer]

I currently own a three-unit brick building in Avondale Chicago. I've completely renovated one unit and partially renovated/upgraded another. I currently owe $476,000 on it and it should appraise for $750,000+. At 75%, I could potentially pull out $85,000 or have access to a HELOC. I would definitely prefer the HELOC. My wife and I are also about to move out of this building so it will no longer be owner-occupied. The goal is to use a HELOC for my next investment. Should I just contact my local bank to see if I can get approval?

[Jonathan Klemm]

@Ryan Daniel Palmer - Awesome work! Sounds like it's a great deal. Make sure you get your HELOC before you move out, otherwise it is hard to get an investment line of credit.

You should link up with @Michael Barbari with first midwest they can go up to 90% LTV also, I know @Henry Lazerow was able to get a 95% LTV loan at First Financial Credit Union off of Peterson here in Chicago.

To answer your question from above, it doesn't matter if you move out after the fact you just technically need it to be your primary when you close on the loan.