Board Topic: rental property line of credit
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rental property line of credit

Posted by: jim Sep 25 2003, 11:15 AM
I own a rental property, and would like to open a line of credit. This is not a primary residence, which seems to be a requirment. Any help in finding a lender?

Posted by: loanuniverse Sep 25 2003, 01:35 PM

I do not recommend lenders. I do suggest that you talk to an actual lender in a community bank to see what they can do for you. The thing is that when a bank is coming up with a product such as a Home Equity Line Of Credit, they come up with parameters that will govern the product and I am sure that being the primary residence is one of the first in mind since it probably provides for a low rate of default.

A good lender will ask you how much you want and tailor something that will fit your needs. If you are looking for a relative small amount it can even be structured really fast as a personal line supported by a second mortgage on your property { I am assuming the property already has a first mortgage }.

Hope this helps.

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