I don't think that you'll be able to get a 100% LTV HELOC on a non occupied home. If you do find someone, (other than a hard money lender) please let us all know...
Good luck
My question is, Can you find any lender that will give you a consumer type HE Loan or HELoC on an investment property that you own in an LLC?
I can't find any. They always make you go over to the commercial side of the bank and that means lower terms (like 7 yrs max), floating rates and the requirement to "revolve" the debt.
Anyone have any first hand experience with getting home equity type loans on LLC titled inv props?
I've been looking for awhile, and have only found 90% LTV HELOCs for investors. Countrywide won't do interest-only or ARMs for investor properties right now, either. I found an interest only product based on the LIBOR index, and they'd go 70% LTV. It is possible to place a HELOC on top of that, to 90%. WIth closing costs on the first, plus closing costs and investor add-ons for the HELOC, it costs too much.
Chase and National City will do 80-90% LTV on rental properties. I have a few with them. No money involved for appraisals and fees, and quick money in hand.
I don't think that you'll be able to get a 100% LTV HELOC on a non occupied home. If you do find someone, (other than a hard money lender) please let us all know...
Good luck
My question is, Can you find any lender that will give you a consumer type HE Loan or HELoC on an investment property that you own in an LLC?
I can't find any. They always make you go over to the commercial side of the bank and that means lower terms (like 7 yrs max), floating rates and the requirement to "revolve" the debt.
Anyone have any first hand experience with getting home equity type loans on LLC titled inv props?
You can get a HELOC to 90% or a cash-out second mortgage to 95% on a non-owner. That's the best I've seen.
I'm working on a NOO HELOC now with a local bank. They will not do 100%, they will do 75%. Will let you know how it turns out.
Why don't you just refinance and cash out?
telemon,
What are the terms of the NOO HELOC?
Thanks,
Ed
NOO HELOC = Non Owner Occupied Home Equity Line Of Credit
I've been looking for awhile, and have only found 90% LTV HELOCs for investors. Countrywide won't do interest-only or ARMs for investor properties right now, either. I found an interest only product based on the LIBOR index, and they'd go 70% LTV. It is possible to place a HELOC on top of that, to 90%. WIth closing costs on the first, plus closing costs and investor add-ons for the HELOC, it costs too much.
I would like to know who would do the 90% LTV for NOO properties.
Chase and National City will do 80-90% LTV on rental properties. I have a few with them. No money involved for appraisals and fees, and quick money in hand.
Banks dont like big risk. 100% CLTV NOO Helocs are bad for bank business. . Sucks for investors.