Hello All,
I apologize if this has been discussed in the past as it seems like an easy question to answer but I'm hoping to get some general help and possibly even a specific referral to a lender that could help me out.
My question is am I able to access the equity in my investment triplex though a HELOC? If so, up to what LTV and is there a period of time I will have had to own the home prior to doing so?
A few details. I own a triplex that was purchased for $190k 6 months ago and financed $140k. We have invested another $100k in cash to renovate the units. The current ARV is $400k based on a lender appraisal. Based on this info we have about $260k in equity in the property. The plan is the follow the BRRRR method to acquire more properties which is perfect in this scenario. The reason for my question is that my plan for the next property is to hire a new GC that would have the property renovated and rent ready within a month or 2 after purchasing. If this were the case, I would have to wait another 4 months before I'd be able to cash out refinance to pull equity since I need to have vested interest for 6 months prior to doing so. Thus my need to access the equity another way so I can keep moving. Any advice would be greatly appreciated. Iv never used hard money financing before, maybe there is a loan product similar to a bridge loan I could use to access the equity short term as well? I look forward to your responses. Thank you.
