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We expect to complete construction on our vacation house in East Hampton, NY and by October 15, 2015 have the certificate of occupancy. Our property is held by an LLC, single purpose taxed as a partnership with construction and land costs of $XXX,XXX. With the pool and landscaping and furnishings the house should appraise at $XXX,XXX+. In season the rental income will be XX,XXX+/month. We are looking for a $XXX,XXX HELOC to cover appropriately $XXX,XXX -$XXX,XXX costs for the pool and patio and appliances for the kitchen. We anticipate full paydown in 36 months or less, depending on rental income, while our personal income and credit should support the loan adequately on their own. Will TD do a HELOC on the property, with personal guarantees?
frederick, south orange
July 21, 2015 08:26:44 PM
In reply to frederick, south orange
Hello Frederick, and welcome to TD Helps!
We apologize, but at this time we can only offer Home Equity Loans or Home Equity Lines of Credit against finished properties. As it sounds like you may have a construction loan and your property has not yet been finished, it would not be eligible for us to offer a HELOC.
If you have any further questions feel free to reach out to our dedicated Financial Solutions Group Specialists 24/7 at 1-800-937-5020.
We hope this information is helpful!
Customer Service Team, Mount Laurel
July 21, 2015 08:27:59 PM
In reply to Customer Service, Mount Laurel
I would have been helpful if you understood the question and answered it. We hold this property in a single purpose LLC and it will be finished in October with a Certificate of Occupancy. My question is, given the equity in the house with C of O, WILL TD do a HELOC on property held in a single purpose LLC, taxed as a partnership? Of course the house will be complete, I am not asking for a bridge or construction loan.
fred, south orange
July 22, 2015 03:06:12 PM
In reply to fred, south orange
Welcome back, Fred. We'd be glad to clarify.
At this time, any property held in an LLC is ineligible for a person Home Equity Line of Credit. To review further options, we recommend visiting a TD Store during lobby hours for any possible private banking options. To take a look at TD Stores near you please visit http://bit.ly/TDStores.
We hope this helps, Fred. Have a good day.
Megan K, Mount Laurel
July 22, 2015 03:06:53 PM