looking for a lender who can do heloc’s on investment property in the name of a llc. anyone out there know of a good lender who has good rates? i have a credit score of 725, what should i be looking for?
There’s only 1 lender that I know of that will do a heloc in the llc name.
Some other factors like seasoning need to be addressed. When did you purchase? How long did the previous owner own (excluding any banks holding as REO)?
Rate based upon loan amount, type of property, ltv…etc. Keep in mind that commercial loans (those made to a llc) are usually higher than a residential investment loan from a wholesale lender. Helocs on commercial are even a little higher than your standard commercial loan. Cost are virtually nothing though.
Fozzy,
Local banks will be your best option for the type of Heloc you are looking for. As Ben said (and his knowledge is very reliable) that is not a product that is usually offered in the world of wholesale lending. However local banks love this type of loan. I have set-up a few for some of my local investors and builders here in the DFW area. Hope this helps.