All Forum Posts by: Patrick Horrocks

There are plenty of banks that do HELOCs on rentals, so don't let that discourage you! The LTV is typically lower than a personal residence- around 70%.

You can get a HELOC in your personal name- if you transfer the deed, the HELOC will definitely still be in your name and the bank could call it due or close it if they wanted to.

@Corby Goade Thank you! I do have a bank that would do it. I don't need the capital right away but would use it if an opportunity came up down the line. I'm thinking if I had the HELOC open without taking any draws that the bank would close it when the title of the property was transferred. I can definitely ask the banker but I also don't want to spook them and then not have them grant the loan in the first place.

1 Vote

Boston, Massachusetts

Quote from @Dave Skow:

@Patrick Horrocks 1) if the property is a rental property - finding a heloc lender will be difficut 2) you can ask any HELOC lender you are considering this question so you wont be surprised

Thanks! @Dave Skow

1 Vote

Boston, Massachusetts

Quote from @Evan Polaski:

@Patrick Horrocks, typically, the HELOC will be closed entirely and any balance will be due and payable immediately. A deed transfer is as good as a sale from the bank's point of view.

Basically, don't transfer it if you want a HELOC, or don't bother with the HELOC if you are transferring.

@Evan Polaski this is kind of what I figured. Thank you for confirming.

0 Votes

Boston, Massachusetts

Hi all, quick question, I'm planning on moving a property into an LLC. I have a good amount of equity in the property so was thinking about taking out a personal HELOC before I deed the property into the LLC. Would that HELOC still stand in my personal name or would it by default be transferred to the LLC as well? Thank you!

0 Votes

Boston, Massachusetts

I've used Milltown Contracting. Paul does great work and has a ton of connections in the area. Good luck!

0 Votes

Boston, Massachusetts

All Forum Posts by: Patrick Horrocks

Patrick Horrocks has started 1 posts and replied 5 times.

Post: Personal HELOC with LLC?

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