Author Topic: Looking for creative ways to finance renovations on our rental property  (Read 650 times)

elysianfields

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  • Location: Europe
Greetings Mustachians!

We're looking for a mortgage broker or bank that will help us finance some renovations we're planning on our investment property, a 4BR 2BA split-level built in Virginia in the mid-1960s.  Our property manager cannot find parts for the plumbing fixtures anymore, and there are some other issues we need to remedy.

We're a few years into a 30-year fixed mortgage @ 3.5%, our balance is ~$381k, the property would appraise at about $800k before the renovation.

Probably the best solution would be a $100k HELOC, and we had such a line with Wells Fargo before we refinanced.  Our current lender made pruning the HELOC to $40k a condition of the refinance.  Still, at Prime-0.5%, I probably shouldn't complain.

We'd also like to get away from Wells Fargo - the only things keeping us there are the HELOC and the safe deposit box.  Perhaps if we could find a good credit union with those offerings, we could switch to that.

We'd be grateful for any ideas or referrals you might have.

Cheers,

Elysian
« Last Edit: July 19, 2016, 06:56:02 AM by elysianfields »