Posted by Brent_IL on September 23, 2003 at 23:04:33:
I think you must be right since you’ve done it.
I’ve only heard the term HELOC used when referring to residences. Lines with investment properties as collateral were just called lines of credit and a loan on a specific property was a junior or a second. I appreciate the correction. Thanks.
Brent
Home Equity Loan on Investment Property??? - Posted by Matt
Posted by Matt on September 23, 2003 at 24:09:54:
Is it hard to get a home equity loan on an investment property? Does it matter if you havent owned the property that long?
Thanks!
Re: Home Equity Loan on Investment Property??? - Posted by Keith
Posted by Keith on September 23, 2003 at 19:58:02:
Most lenders have a LTV restriction on non owner occupied residence for investment homes when it comes to HELOC’s or second mtg’s
if your in maryland matt, I may be able to hook you up
keith
loan officer
410-808-6871
Re: Home Equity Loan on Investment Property??? - Posted by Brent_IL
Posted by Brent_IL on September 23, 2003 at 10:40:19:
A home equity loan is defined as a loan on the equity in your home. Just your home.
An equity loan on an investment property is a second (junior) mortgage loan. Many lenders have seasoning issues in that they want you to be on title for at least one year, but these are usually first position lenders. The junior mortgage lenders will look at the equity that you have in the property, and lend up to their LTV limit.
A working line of credit will encompass investment properties, but it takes a successful track record as an investor before a bank will consider your request.
Re: Home Equity Loan on Investment Property??? - Posted by scottese
Posted by scottese on September 23, 2003 at 18:57:31:
Brent, I disagree. I just signed a HELOC on an investment property and they used the rental income in their ratios, so they definately knew it was a rental. It was prime w/ no costs. So the money was cheap too. I only went to less then 80% LTV (66%) and maybe that’s why?
Re: Home Equity Loan on Investment Property??? - Posted by Dianna
Posted by Dianna on September 25, 2003 at 08:28:20:
Quick question. What bank did you get the loan?
We’re looking for a 10 percent line of credit against a multi-family. We just secured 70 percent first financing, and would like a 2nd up to 80 percent.
I’m just starting my search on the retail side of things, and I"m running into lenders that will do up to 70 percent. But, we need 80.
THanks,
Dianna in Seattle
Re: Home Equity Loan on Investment Property??? - Posted by scottese
Posted by scottese on September 23, 2003 at 19:01:51:
Brent, I just re-read your post…What I think you said was their is no equity loan on a investment prop., only a second mtg. That’s what I’m disagreeing about…If that’s what you meant. Sorry LONG day and I’m really tired!
Re: Home Equity Loan on Investment Property??? - Posted by scottese
Posted by scottese on September 25, 2003 at 16:55:58:
We went through Wachovia and Greenpoint. The loan is with Greenpoint which is wholly owned by Wachovia. I am not sure exactly what the LTV is. They gave me the line without an appraisal.