I am looking for a HELOC on one of my rental units to the tune of about 90% LTV. Does this product exist?
I purchased unit about 8 months ago and put 20% down using a HELOC from my primary residence. I need to draw the money out to make another purchase that I an now in contract for…
HELP PLEASE!!!
How fast do you need this loan? You said you already have something under contract?
Yes, I am in contract on another piece of property and need these funds for the down payment within the next thirty days.
Although you can get a HELOC for your NOO at 90%, the combination of the prime rate (now 7.5%) plus all the hits to the rate for the property being NOO will put you in the 9.5 - 11% range.
You’re probably better off with a straight refi anyway, since HELOCs are int. only. If the lender takes too long and there’s that much money in the new contract, you might consider using hard money until the refi. (Just find a company with no prepayment penalty!!!).
thx.