HELOC for Owner Occupied Quadruplex
Whats the best rate and Loan to Value (LTV) I can get for a Home equity line of credit or Home equity loan on a owner occupied Quadruplex in Decatur GA? Any lender to recommend for this? I have a 75% LTV first, and want to see if I can get a HELOC to get to 80/85/90% LTV as well.thanks by wetpatio357 from Decatur, Georgia. Apr 20th 2014
William J Acres (William_Acres)
#75 ranked lender in Arizona - 8,728 contributions
Very difficult to find this loan product on a 4plex.. duplex, not a problem, 4plex.. problem.. it's doubtful even a community bank or credit union would consider lending to you on this property type. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Mike Silkworth (msilkw_195_870)
#29 ranked lender in Michigan - 531 contributions
This is a loan you would want to go to a local lender for. For instance a Community Bank or local credit union. This loan would not be sold to an agency like Fannie Mae, but instead held locally. Be prepared to open up you books on this to show them your rental history, balance sheet and cash flow. If its a reasonable risk you should be OK, but may need to check a few places that would want it. I'd start with where you already bank and if they can't do it, ask them for suggestions.
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