topic Re: HELOC on a rental property? in Mortgage Loans

HELOC on a rental property?

Ragnar375 — Mon, 15 Jan 2024 18:49:45 GMT

Anyone know of a lender that will do a (first seat) HELOC on a condo rental property located in GA?

Market value is around $200k.

No mortgage.*

Preference is for around 75% LTV.

About a year ago I spent hours calling every local bank and CU I knew of and none offer such.

Alternatively, is there a secured CC that would allow me to use the property as collateral?
Looking for a product I can use, pay back, and repeat.

*Only encumbrance on it is an old HELOC with B O Am that's in repayment phase and balance under $2000.

Re: HELOC on a rental property?

URHomeInvestments — Tue, 12 Mar 2024 14:14:24 GMT

I have used Ridge Lending for investment mortgages and am on their auto mailer for products on offer. They do have a first position All in One HELOC type of mortgage on both primary residences and at least one investment property. FICO scores must be over 720, if I remember right. It will be a very high doc kind of product, but can really move mountains if used properly.

Re: HELOC on a rental property?

Ragnar375 — Thu, 18 Jul 2024 15:38:17 GMT

So you'd refi your primary and open a HELOC on the rental?

With a 3.5% rate on our primary, that would be a big no for me!

But I applaud the creative solution by Ridge Lending!