Hello, I am looking for a bank or credit union that is willing to extend a line of credit based on equity vs income. I have significant equity in both my primary residence and a couple of my rentals and excellent credit, but my income doesn't satisfy the two year requirements that the larger banks require for HELOCs.
I talked to EastWest bank recently and they have programs like this. I'm considering them, but they have a fair amount of fees associated with these loans. I'm wondering who else I should talk to before making my decision.
Specifically, I'm looking for:
- Securing line of credit(s) on my primary and/or rental homes.
- Loan decisions based more on asset/equity value of the properties vs reported income.
- Reasonable loan interest rates (ex: prime + x percent).
- No repayment penalties.
- Prefer to have branch/office nearby the Seattle area.
Any recommendations would be appreciated.
Thanks much, Jim
