Can you only get a line of credit on a property you live in? Not on a fully paid rental home?

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Hella Mitschke Rothwell, Hawaii & California Real Estate Broker ((831) 626-4000)

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Rainmaker
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Sam Shueh

(408) 425-1601 - San Jose, CA

mba, cdpe, reopro, pe

Try another lender. Normally it is considered as business so Debbie is correct. One can get a revolving, margin..... Everyone wants to lend.

Jun 21, 2015 12:28 PM

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Sam Shueh

San Jose, CA

Rainmaker
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Debbie Gartner

The Flooring Girl - White Plains, NY

The Flooring Girl & Blog Stylist -Dynamo Marketers

Interesting. If the person owns a biz, they could try for a business line of credit. Not sure if that helps.

Jun 21, 2015 11:40 AM

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Sam Shueh

San Jose, CA

Rainmaker
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Chris and Dick Dovorany

Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL

Broker/Associate at Premiere Plus Realty

Interesting. I look forward to the loan people commenting.

Jun 21, 2015 10:16 AM

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Sam Shueh

San Jose, CA

Rainmaker
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Gita Bantwal

RE/MAX Centre Realtors - Warwick, PA

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I believe you can get a line of credit on renatl property.

Jun 21, 2015 09:30 PM

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Rainmaker
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Nancy Robinson Ranked #6 in MI

Century 21 Town and Country - Royal Oak, MI

#11 Century21 Realtor in the US, #16 in the World

Many people can get unsecured personal loans, interest rates tend to be higher than loans taken out with collateral. There are hard money lenders, Peer to peer loans and small business start up loans. Your client should shop around a bit more.

Jun 21, 2015 09:15 PM

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Rainmaker
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Joe Petrowsky

Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT

Your Mortgage Consultant for Life

Good morning Hella. You can get a credit line on any real estate, but not all lenders will do them on anything but your home. Some lenders will do unsecured lines as well.

Make it a great week!

Jun 21, 2015 07:45 PM

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Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

Depends on the lender, my line is solely on my investment properties.

Jun 21, 2015 01:24 PM

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Rainmaker
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Lise Howe

Keller Williams Capital Properties - Washington, DC

Assoc. Broker in DC, MD, VA and attorney in DC

thanks for asking the question - I don't know the answer - but certainly credit unions have very tight guidelines

Jun 21, 2015 12:36 PM

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Try another lender. Normally it is considered as business so Debbie is correct. One can get a revolving, margin..... Everyone wants to lend.
Interesting. If the person owns a biz, they could try for a business line of credit. Not sure if that helps.
Many people can get unsecured personal loans, interest rates tend to be higher than loans taken out with collateral. There are hard money lenders, Peer to peer loans and small business start up loans. Your client should shop around a bit more.
Good morning Hella. You can get a credit line on any real estate, but not all lenders will do them on anything but your home. Some lenders will do unsecured lines as well.

Make it a great week!
Depends on the lender, my line is solely on my investment properties.
thanks for asking the question - I don't know the answer - but certainly credit unions have very tight guidelines