Learning, Sharing, and Teaching > Real Estate and Landlording

Best investment property line of credit options?

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sammybiker:
Best investment property line of credit options?

I'm getting prime + 1.75 from Huntington.com, interest only payments.

Anyone see anything better?

Blindsquirrel:
Guardian/Union savings if they are in your area. PNC is also worth a look. 5.5% for PNC as of last I looked.

sammybiker:
Thanks, calling them this afternoon.

*Guardian doesn't serve my county and PNE came back w/only primary residence LOC, won't touch investment properties.  Thanks again though for the suggestions.

Anyone got anything else?

Blindsquirrel:
    You might  try PNC business banking. We have had a PNC LOC for 10+ years or so through our LLC. It is very useful to have I think.  We use it to finance repairs on houses we flip at times.

sammybiker:
Thanks for the added info.  PNC business was good to speak with but they don't want to touch single family, looking only for commercial at this time.

Still looking.  PenFed has been a great option but they don't want to touch me if I have more than four investment properties, regardless of their mortgage status.

Re: Huntington, they will only give me a single line of credit, nothing more.

Interesting stuff, never thought it would be so hard to get a LOC on paid off, cashflowing, well seasoned single family assets.

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