HELOC's on Investment Property in Cincinnati

[Kevin Brandner]

Hello BP,

I've done some searching of the forums and haven't found any names of lenders who will offer a HELOC loan for a paid off investment property.

I purchased a 4 family in cash recently. It was the best way to close quickly, I knew it would be the most attractive offer to the seller and I believe I got a good discount for going that way. I'm trying to unlock some of the equity in that home to help purchase future properties. I would rather HELOC than cash-out refinance to avoid closings costs. I've tried US Bank, Kemba, Heritage, the Farrell Group, PNC, and a small savings and loan. Most of these banks were referred to me by other lenders who didn't offer the loan product I'm seeking. The only bank I found that would offer anything close in First Financial. They can give me a HELOC but for a max of 65% LTV and it will have closing costs. Not ideal. Interestingly enough a couple of the lenders said if I had the primary mortgage through their company they could HELOC the equity but the primary mortgage was necessary.

Does anyone know any banks local to Cincinnati or otherwise that would offer a HELOC on a paid off 4 family?

[Sean Cole]

Not sure if they do, but Summit Funding is a mortgage broker I've worked with many times.  If the product exists, they'll have access to it.