Where can I get a equity loan or line on my rental property that I do not occupy?

Asked by Kris, 60646 Fri Jan 14, 2011

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11
Honey, Home Buyer, Powder Springs, GA
Sat Dec 12, 2015
where can I refinance or get an equity line of credit on my income property in Michigan???
0 votes
Christopher…, Agent, Chicago, IL
Thu Jan 20, 2011
Dear Kris,

I'd suggest speaking with some mortgage brokers in addition to just speaking with banks and/or credit unions. I've included contact information below for some of the lenders that I work with most often. Any of them should be able to let you know pretty quickly whether or not this type of loan might be possible, and Mike makes a great point that you might want to get a sense of the value of the property from a local Realtor prior to ordering (and paying for) an appraisal. Good luck to you.

Daniel “Dan” Larkin, Senior Loan Officer
Prospect Mortgage
847-273-1124 (ph)
877-893-4843 (f)
312-952-8068 (C)
dan.larkin@prospectmtg.com

Sam Sharp, Vice President of Mortgage Lending Retail Division
Guaranteed Rate
312-217-4030 (C)
773-290-0455 (ph)
773-516-6056 (f)
Sam.sharp@guaranteedrate.com

Jae McPherson
Chicago Bancorp
1555 Naperville-Wheaton Rd.
Naperville, IL 60563
630-388-1300 x 253 (ph)
312-212-5473 (f)
312-617-1723 (C)
jae@chicagobancorp.com

Richard Cohen
PERL Mortgage
2936 W. Belmont Ave.
Chicago, IL 60618
773-454-8284 (cell)
773-413-3237 (fax)
rcohen@perlmortgage.com


Sincerely,

Christopher Thomas
Broker Associate, Keller Williams Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)
cthomas@kw.com
http://www.myagentchris.com
Web Reference:  http://www.myagentchris.com
0 votes
Donna Plank, Agent, Park Ridge, IL
Mon Jan 17, 2011
Hi Kris,

I concur with many of the responses below. Most banks consider these types of loans very high risk. One of your local community banks may be able to offer you an equity loan or line of credit on a rental property. Another resource to try is a credit union. Alliant Credit Union in Des Plaines is a credit union where it is fairly easy to qualify. Here's a link to their website. http://www.alliantcreditunion.org/membership/eligibility/
0 votes
Donna Plank, Agent, Park Ridge, IL
Mon Jan 17, 2011
Hi Kris,

I concur with many of the responses below. Most banks consider these types of loans very high risk. One of your local community banks may be able to offer you an equity loan or line of credit on a rental property. Another resource to try is a credit union. Alliant Credit Union in Des Plaines is a credit union where it is fairly easy to qualify. Here's a link to their website. http://www.alliantcreditunion.org/membership/eligibility/
0 votes
Michael Pete…, Agent, Chicago, IL
Sat Jan 15, 2011
Smaller, community banks might do this if you move your bank accounts to them.
Investor cash out lending may be limited to around 50 percent loan to value.

Get a free comparative market analysis from a Realtor before spending money for a bank's appraisal.

I live in your area...60646. I have a banking relationship with two local banks that might provide the financing you seek.

Contact me for an introduction...to these portfolio lenders, and a free CMA for your property.
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Jan 14, 2011
Many lenders may offer equity line of credit however keep in mind you will need to pay for appraisal, credit scores, and financial, employment all be reviewed. If the home does not appraise YOU MAY have wasted allot of money just try to obtain equity line

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Gina La Rocco, Agent, Chicago, IL
Fri Jan 14, 2011
YOUR BEST BET IS A LOCAL BANK
0 votes
Michael Cline, , Chicago, IL
Fri Jan 14, 2011
Kris,

That question is very vague. Need more info here...

1) Is it a condo, single family, or multi unit?
2) What is your credit score and history?
3) How much do you owe?
4) How much is the property worth?

You should have the answers to these questions ready because any loan officer will need to know this info. It will be difficult getting a 2nd mortgage or line of credit, so be prepared to refinance your 1st mortgage. As far as where to go...go where ever you feel comfortable. Good luck.

Mike.


Mike.
0 votes
mike I owe $38000 on the home, and have approx $80,000 equity, my credit is not great and took a ding because I purchased a car.
Flag Tue May 28, 2013
Suzanne Hami…, Agent, Orland Park, IL
Fri Jan 14, 2011
You will have to have great credit and have equity in the home to do this, but I would try smaller community/neighborhood banks. Although, I did recently do a line of credit with Harris. A lot of times it is easier if you are an existing customer at a bank. So contact some of the banks that you have a loan or accounts with and just ask. But call and ask - all they can say is no.
0 votes
Zijada Began…, , Chicago, IL
Fri Jan 14, 2011
Foster Bank in Albany Park offers great deals for homeowners.

5235 W Foster Ave
0 votes
Philip Sencer, Agent, Chicago, IL
Fri Jan 14, 2011
That might be a big problem in this market, but try to contact a number of the smaller banks, not Chase, Citi, BOA etc. My web site has some references.
0 votes
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