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HELOAN over 4 properties?

I "flip" properties.I own 9 properties.  Only 4 of them have any mortgage/liens that i use as rental properties.  The other 5 homes are owned outright and I fix them up for resale.

In need of capital, I tried taking out a HELOAN but was just turned down due to it being the 5th property with a lien.  The closing costs on a mortgage are too high considering I'll only be holding the property for 6 months.  Hence, I'd prefer a HELOAN/HELOC and am comfortable paying any prepayment penalty up to $1,000.

I have high FICO, high net worth, high income, low DTI, and am comfortable with even a 60% LTV.  But, it seems noone will finance me because 4 property limit.  Does anyone know a lender with an appetite for this?


  • December 04 2012 - Lakewood
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Answers (1)

Very few if any lenders will provide a HELOC on an investment property.  Your best option is to find a private lender and pay the price as a cost of doing business. Or maybe form a partnership with a private investor who shares in the profits.

The 4 property issue is with all conventional lender's, some will go up to 10 financed properties with mortgage's but not HELOCS.

  • December 04 2012
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