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 Post subject: Home Equity Line of Credit on a Rental Property
PostPosted: Fri Oct 22, 2010 2:39 pm 
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Joined: Tue Feb 12, 2008 4:45 pm
Posts: 111
Location: Pittsburgh, PA
I'm having trouble finding a lender who will give me
a home equity line of credit on a rental property.

Can anyone recommend a lender who would do that?

Thank you,
Emilie Nottle


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 Post subject: Re: Home Equity Line of Credit on a Rental Property
PostPosted: Sat Oct 23, 2010 5:27 am 
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Joined: Mon Mar 30, 2009 9:03 pm
Posts: 10
We have used Dollar Bank. They are very slow, but claim not to be; five months for our loan and we have excellent credit! One of their reps. came to speak at an Acre meeting about two years ago; with the usual blah, blah about how they are different, in a positive way. They are not. If you can put up with the usual crap i.e. sign your life and first, second, and half of your third child away it will work. Talk to Randy Heranic (412 261 8130), Asst.V.P. Small Business Banking. Good Luck!

p.s. Stay on the phone and be persistant with them. You'll hit lots of roadblocks but continue to work for your PRIZE! Only YOU can achieve it!
(Thank you for developing this forum. It continues to help many of us in the real estate world.)
Make it a great day.

workdog


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 Post subject: Re: Home Equity Line of Credit on a Rental Property
PostPosted: Sat Oct 23, 2010 9:01 am 
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Joined: Wed Mar 26, 2008 10:05 pm
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Geez, doesn't sound like a ringing endorsement, Workdog!

Sorry that I don't have a recommendation for HELOC's, emilie. I've only obtained conventional loans against my rental properties.


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 Post subject: Re: Home Equity Line of Credit on a Rental Property
PostPosted: Sat Oct 23, 2010 9:59 pm 
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Joined: Sun Apr 18, 2010 7:38 pm
Posts: 4
I got one through Wells Fargo 65%ltv, pretty quick turn around time ~3 weeks or so start to finish. This was about 4 months ago


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 Post subject: Re: Home Equity Line of Credit on a Rental Property
PostPosted: Sun Oct 24, 2010 10:02 am 
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Joined: Tue Feb 12, 2008 4:45 pm
Posts: 111
Location: Pittsburgh, PA
Thank y'all for the replies.

Andy, I'm glad you're finding the RR helpful.

Jake, do you have a contact name/phone for
Wells Fargo? They don't have a local branch;
did you conduct the entire transaction by
phone/fax/mail?


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 Post subject: Re: Home Equity Line of Credit on a Rental Property
PostPosted: Mon Oct 25, 2010 3:01 pm 
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Joined: Tue Feb 17, 2009 9:48 pm
Posts: 5
I have 2 loans through Dollar Bank and Randy Heranic. It was slow and painful. As part of the deal, I had to transfer my company checking account to Dollar Bank and I have to send them a copy of my income tax return every year. But, at the time, they were the only ones offering a commercial loan.

I've just recently applied for a loan through Standard Bank in Murrysville. The loan was approved in 3 days! Of course, I still have to go through the appraisal process and they have to go through all their due diligence, but they are extremely easy to deal with. They are actually looking for real estate investors. My contact is Gary Teti and the phone number is 724-327-0010. He said the whole process should not take longer than a month.


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 Post subject: Re: Home Equity Line of Credit on a Rental Property
PostPosted: Mon Oct 25, 2010 8:54 pm 
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Joined: Tue Feb 12, 2008 4:45 pm
Posts: 111
Location: Pittsburgh, PA
Thanks kdj3000. Was it a loan or a line of credit?

By the way, if anyone's shopping for a home equity loan on a rental property,
not a line of credit, I'd recommend Northwest Savings Bank
(https://www.northwestsavingsbank.com/). I got an 85% LTV loan on a
rental I own in my own name, and it was pretty easy. The closing costs were
only $100 out the door - they pay for the appraisal. The interest rates are fixed
for 5,10,15 or 20 years and highly competitive. My contact, Patty
Lewin, the manager at the Mt. Oliver branch was great to deal with and
worked hard to get me the highest loan amount.

I still haven't found anyone to give me a line of credit on a rental property
though...


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 Post subject: Re: Home Equity Line of Credit on a Rental Property
PostPosted: Tue Oct 26, 2010 10:07 am 
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Joined: Tue Feb 17, 2009 9:48 pm
Posts: 5
It was a loan. I don't have any experience with lines of credit on rental properties.


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 Post subject: Re: Home Equity Line of Credit on a Rental Property
PostPosted: Sat Oct 30, 2010 7:54 pm 
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Joined: Sun Apr 18, 2010 7:38 pm
Posts: 4
emilie wrote:
Thank y'all for the replies.

Andy, I'm glad you're finding the RR helpful.

Jake, do you have a contact name/phone for
Wells Fargo? They don't have a local branch;
did you conduct the entire transaction by
phone/fax/mail?



I don't even remember the guy's name off the top of my head... I called their 800 number and started the process that way. everything was done by phone/fax/mail except the appraisal obviously. They were pretty good to deal with. I'm looking at refinancing my primary and was thinking about giving them a call


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