Equity line of credit on rental properties
Hi, I have three rentals single family homes. Combined value is at $510k from tax bill last year. Remaining mortgage amount is at $160k. I'm looking to have a line of credit using these equity as collateral. My credit score is 780 and up, but currently no income other than rental income. Is ther any lender who is interested in lending to a strong and sophisticated real estate borrower? JohnJohncfpm@hotmail.com by Johncf_876_588 from Houston, Texas. Sep 21st 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Since HELOC's are a non-conforming product, it's really up to the lender as to what their guidelines would allow.. In general, most don't like to issues lines of credit against investment properties.. And since you have no other income but rental income, your ratios probably are not in line either.. Plus.. You're in Texas.. The rules are different there.. But my guess is there might be a hard money lender willing to do something for you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Sarah N. Montes (FUNDINGNOW)
#60 ranked lender in Texas - 13 contributions
I can help! No income needed. Contact me for details.
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