Tips on Property Investment|The Best Investment Properties Advice
Oct
17
senzualsindhique asked:
I have 35 percent equity in on on property and i have invested 50,000. I want to get some type of home equity line of credit on that particular investment property so i can reuse to funds if some other deal were to come up.. Does anyone know if it is possible and if it is what banks do this? Any advice would be greatly appreciated.
Justin
I have 35 percent equity in on on property and i have invested 50,000. I want to get some type of home equity line of credit on that particular investment property so i can reuse to funds if some other deal were to come up.. Does anyone know if it is possible and if it is what banks do this? Any advice would be greatly appreciated.
Justin
Comments
daeve930 on 20 October, 2008 at 6:11 am #
Each lender has it’s own rules. Call around and ask the max ltv on investment property for a heloc. When I was underwriting consumer (not FNMA) loans, we’d go to 70% on any kind of cash out loan on investment.
FRANK R on 21 October, 2008 at 10:56 am #
All those whose name is one the deed must sign documents to permit a mortgage to be made on the property. I am in the business, and I have never heard of a lender allowing a loan as you described. Most lenders do not do helocs on investment property, especially as tight as the market is now. In addition, the lenders are more cautiously looking at appraisals, expecting that value may go down.
brandonbroker on 23 October, 2008 at 9:27 pm #
As long as you own under 10 properties it should be easy.
Email me if you have questions.
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