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I own a condominium that I rent out and owe nothing on the mortgage. I’ve applied for several HELOCs online, but all have denied me because it is considered an investment property. Does anyone know of any bank that offers this type of loan?

2 Thoughts on Where can I get a home equity line of credit (HELOC) on a condominium investment property?
  1. Reply
    inostad
    January 17, 2013 at 9:54 pm

    Why not try your ;local credit union allot of them are loaning money right now at a pretty good rate

  2. Reply
    Paula M
    January 17, 2013 at 10:20 pm

    Sounds like you are pursuing the “wrong type” of loan……stay away from internet loans anyway….

    A personal loan w/ Condo as collateral…..or finance a loan through a traditional mortgage…..

    You will pay higher interest rates because it’s investment property….but still, assuming your credit is good…. a mortgage amount upto 15% of the home’s value should be straightforward…

    Try a credit union.

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