Heloc for rehab project - Posted by argill

import · November 30, 2005, 3:38pm

Posted by Patrick S. Lawson on December 01, 2005 at 07:25:33:

Not a problem.

import · November 30, 2005, 3:38pm

Posted by argill on November 30, 2005 at 16:38:33:

I have a duplex that I paid cash for about two months ago. I was thinking of getting a heloc to finish the repairs. Is this possible with such little seasoning on the title.

Thanks

Allen

import · December 5, 2005, 3:58pm

Re: Heloc for rehab project - Posted by Ben Carmona

Posted by Ben Carmona on December 05, 2005 at 16:58:13:

Allen,

Having trouble replying back to your emails. Please provide another address or call me.

Thanks
Ben

import · December 1, 2005, 8:52am

Re: Heloc for rehab project - Posted by John Corey

Posted by John Corey on December 01, 2005 at 09:52:11:

Argill,

Based on what you posted here in the later reply the simple answer is ‘yes’.

You will have a narrow set of options compared to financing a property that has had more seasoning of the title. Differences in the rate, the LTV, the credit score needed, etc. A local bank might be more flexible if you have an existing track record with them.

So, you can get financing. It might not be the financing you will want long term. You will need to weigh up the options to make an informed decision.

John Corey

import · November 30, 2005, 3:46pm

Re: Heloc for rehab project - Posted by arlanj

Posted by arlanj on November 30, 2005 at 16:46:24:

That is house I got in business. Borrowed off free and clear properties to buy and fix up more. Never an issue with local banks. Home Equity loans first then a line of credit against a group of properties.