Posted on: 14th Nov, 2012 08:57 pm
Hello,
My husband and I our the priniciples of an investments company which has purhcased several residential properties via cash and the titles are now free and clear. How likely is it that banks will give us HELOC's on these properties?
My husband and I our the priniciples of an investments company which has purhcased several residential properties via cash and the titles are now free and clear. How likely is it that banks will give us HELOC's on these properties?
Find a broker that deals with TCF bank they are great for helocs they are not retail though. Maybe you can call the local tcf bank to you and they can refer you to one of their brokers.
Hi tkinvestments!
Welcome to forums!
It will be completely the discretion of the lender as to whether or not you will qualify for a HELOC. They will look into the whole situation and let you know whether or not you will qualify for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be completely the discretion of the lender as to whether or not you will qualify for a HELOC. They will look into the whole situation and let you know whether or not you will qualify for a loan.
Feel free to ask if you've further queries.
Sussane
No lender will give the "investment company" a loan. Mortgages are not granted to 'entities,' only people. As long as you and your husband qualify, you should be able to tap into the equity. I can understand why a HELOC would be your first choice, you may have to settle for a traditional mortgage. I'd start with a smaller local bank in your area. They are likely to be more flexible.
Thank you for sharing your opinion, Marylandmortgages!! :) That was really informative!!