HELOC/Equity loan on 38K property? - Posted by Wm-Pa

import · May 12, 2005, 9:15pm

Posted by Ryan W on May 13, 2005 at 14:21:03:

Most banks will do HELOCS with a 5-or 10,000 Min, providing you live in the house. Go see HSBC Bank in your local area, or online.

import · May 12, 2005, 9:15pm

Posted by Wm-Pa on May 12, 2005 at 21:15:02:

I just bought a house for 38K in cash from my business Line Of Credit. I am having trouble finding a bank that will give a Line of credit/Home Equity Loan on a this property.

I tried Wells Fargo, with no luck. They said the house would have to be appraised for 50K before thay will touch it.

The house comps out at 45K so I am short. I can get a first mortgage on it but then I will be paying 3K in new closing costs.

Can anyone guide me to a bank that will do Lines of credit or Home Equity loans on a property less that 50K?

Thank you

Wm-Pa

import · May 13, 2005, 3:44pm

Thanks, however, this is an investment property - Posted by Wm-Pa

Posted by Wm-Pa on May 13, 2005 at 15:44:35:

Thanks,
But this house is an investment-not owner occupied, I should have mentioned that first.

Wm-Pa

import · May 13, 2005, 9:46am

Re: HELOC/Equity loan on 38K property? - Posted by James Harris

Posted by James Harris on May 13, 2005 at 09:46:09:

Hanve you tried your local banks?