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HELOC on non primary residence
Posted on 8/22/15 at 5:33 pm
Posted on 8/22/15 at 5:33 pm
Any banks/CU's doing this.
I bought a property 80% cash a few years ago that is no longer a primary.
Trying to pull some of that cash.
I bought a property 80% cash a few years ago that is no longer a primary.
Trying to pull some of that cash.
5
Posted on 8/22/15 at 6:48 pm to Mr.Perfect
Posted on 8/22/15 at 7:56 pm to Mr.Perfect
I believe that you can't get a HELOC on a rental property. You can do a cash out refinance but the LTV is going to be low. 75% at the maximum most likely.
Posted on 8/23/15 at 8:06 pm to Mr.Perfect
Has to be primary residence only. I know some CUs who do 90%
Posted on 8/23/15 at 9:06 pm to bubbz
Whatever you get, make sure you dump it ALL in Bluebird Biotech! Do you even orphan drug, Bro?
Posted on 8/24/15 at 9:22 am to Mr.Perfect
As VABUCKEYE stated above, you can't do a HELOC on a rental property. All you can do is refinance. Depending on the financial institution, it will be between 65-75% of the LTV.
Posted on 8/24/15 at 10:31 am to Mr.Perfect
I work for a bank and we do investment property BLOCs in situations like this. So you can get your cash out if you want
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