With Almost 2mm In Equity, Is A HELOC Still Out Of The Question
My company has found a gem. We are getting ready to close in a 210 Multifamily property that after about 250K in renovations and upgrades, we will realize close to 2mm in equity. My question is this, how can I use access this equity in the form of a HELOC or other vehicle for future investments?
Why don't you just refi it after the rehab
and use that money for your investments.
It sounds like you hit a home-run and as you know, it takes money to make money. Good luck
HELOC stands for Home Equity Line Of Credit.
Is a 210 Multifamily property a home? NO.
You could live there and call it your home but it still would not be able to get a HELOC. I am sure there are commercial mortgage companies that will do cash out refinance loans and use the appraised value as the basis for the LTV. Most want you to wait a year before refinance but if you look hard you will find what you are looking for. You may not be able to get all your equity but 80 to 90% i am sure would be great. Find me a deal like that. I can only find a deal to fix up and them have more in it than it is worth as far as large multi deals go. Doing some houses and condos to keep busy
Good LUCK and Thank You
Hope this helps some
Ted Jr
Quote:
On 2004-01-05 09:09, lacashman wrote:
HELOC stands for Home Equity Line Of Credit.
Is a 210 Multifamily property a home? NO.
Whooaa!
I know what it stands for. I have participated in several threads where we discussed HELOCs for commercial property, where were you? And FYI, Wachovia has a product that they describe as a "HELOC for commercial properties" with substantial equity.
mrlee,
It sounds like you have answered your own question, the round about way. I would contact Wachovia and inquire with them. I would be curious as to their response as well. Good luck
Quote:
On 2004-01-05 09:45, mrlee wrote:
Quote:
On 2004-01-05 09:09, lacashman wrote:
HELOC stands for Home Equity Line Of Credit.
Is a 210 Multifamily property a home? NO.
Whooaa!
I know what it stands for. I have participated in several threads where we discussed HELOCs for commercial property, where were you? And FYI, Wachovia has a product that they describe as a "HELOC for commercial properties" with substantial equity.
Let me ask this in a different way. I was curious how you all would pursue utilizing the equity we will realize in a few months after updating this property?
This was not a plea for smartie remarks, as they are unfruitful, I was simply wandering what the rest of you are doing in similar situations. I have Wachovia's information and I don't meet their experience level for this product.
Please let's stay constructive and cease the negative PM's.-