Banks won't approve a HELOC
I have an investment property that I want to do a HELOC on but most banks won’t approve because I don’t reside in the property. What are my chances with credit unions? I heard that they are more lenient in this regard compared to banks. by rfisher661 from Grand Lake, Colorado. Jun 16th 2022
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
Helocs on an investment property is a rare lender. I am in Calif. I only know of one.You may have to try a private money lender and see what those terms are and make a decision.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Home Equity loans on investment properties are out there, but harder to find. If you do find one, they usually will max out at 75% of the homes value. Just call around to small banks and credit unions near the property. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
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