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summertime
LIF Adolescent
Member since 9/10 852 total posts
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Loan on investment prop
Can anyone recommend a lender for a mortgage or home equity line on an investment property that is fully owned? It doesn't seem like anyone does those.
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Posted 9/29/15 3:08 PM  |
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Prudential Douglas Elliman Real Estate
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LBBCHGRL
LIF Infant
Member since 1/08 199 total posts
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Re: Loan on investment prop
If you have a mortgage already check with them for the home equity loan. As for another mortgage I would goto a bank or a mortgage broker. I have 2 investment properties and I used a bank for one and a mortgage broker for another. There is a little more paperwork involved but nothing too crazy.
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| Posted 9/29/15 4:45 PM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Re: Loan on investment prop
Posted by LBBCHGRL
If you have a mortgage already check with them for the home equity loan. As for another mortgage I would goto a bank or a mortgage broker. I have 2 investment properties and I used a bank for one and a mortgage broker for another. There is a little more paperwork involved but nothing too crazy.
I own it outright. Can you share the bank and/or broker details? I m having a hard time finding someone.
thanks
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| Posted 9/30/15 10:25 AM |
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Re: Loan on investment prop
I am going through this right now. I own a rental property in Queens that I want to refinance as I've paid down the balance to almost 80% LTV.
I am dealing with New Penn Financial right now, and first reached out to Bethpage FCU and other banks I hold accounts with but was told they dont do investment properties. I will let you know if it goes smoothly w/ NPF. I have only rec'd a GFE from them and waiting for the appraisal numbers to come back.
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| Posted 9/30/15 10:56 AM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Re: Loan on investment prop
Posted by EclecticEsq10810
I am going through this right now. I own a rental property in Queens that I want to refinance as I've paid down the balance to almost 80% LTV.
I am dealing with New Penn Financial right now, and first reached out to Bethpage FCU and other banks I hold accounts with but was told they dont do investment properties. I will let you know if it goes smoothly w/ NPF. I have only rec'd a GFE from them and waiting for the appraisal numbers to come back.
Great thanks!
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| Posted 9/30/15 2:08 PM |
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