All Forum Posts by: Patrick Strain

Just called them and they wont touch anyone with a LLC for a loan in any way. Cash out or Heloc.

@Patrick Strain

Try Wells Fargo. Depending on which state you are in they have different rules. I just closed on 3 equity lines with them on my rental property. I owned 1 outright so they took a first position. I have notes on the other 2 so they took second position. They went 60% LTV.

@Patrick Strain hey man how’s it going, I’ve got Wells Fargo to offer me this service it’s 60% LtV tho and he said the rate was a bit higher since it’s an investment property , he’s actually calling me Monday to discuss the terms . I’m in New Jersey by the way hope that helps

@Partrick Strain
I think this Citizens Bank is just some cities in Oregon. Are you from around here?

@Partrick Strain

This is pretty common now unfortunately. Back in 2005-2008 I had several HELOCS on my triplex properties with Bank of America and then the 2009 economy hit and they wiped them all out. I was happy they didn't call them, but so many investors were handing keys back to them, they made a national decision regardless of your credit and payment history. Of course, I am done with B of A for this reason, and found my local bank, Citizens Bank, to give me 70% for $225,000 on a property. Interesting point here, back when I started getting HELOCS, I was shopping B of A against Citizens Bank and both were about the same, but figured a national bank would be better. Boy was I wrong! My local bank knows my local market! Its about relationship and local properties values, and Corvallis Oregon was not affected much back in 2009 on RE values.

Consider doing a cash out refinance of the property. With rates so low it might be a better alternative as the rates on HELOC's are usually variable rate. Lock in a low rate and not have to deal with rising rates.