Has anyone tried HELOC loan for EB5? I am looking to get 600-700k and pay it off gradually in chunks over 5-7 years until I get GC. My NW is pretty decent, but most of it is tied in real estate with a little over million in stocks, which I don't wish to sell right now. Have a little over 600k worth of mortgage debt. HHTC: 950k #eb5 #heloc
Helocs are brutal. Only advantage is these are interest only, but interest rates are very high like 9.5%. May be you can get the money out and refinance it into the house later to get it down.
I am hoping that with variable rates, it will start to come down slightly in next 2 years.
Even if it comes down, it will not be less than the primary mortgage. This is a common practice used by many when accumulating more real estate. Buy one wait for to it go up, refi to lower comfortable 30 yrs fixed rate by taking the money out. Use this money to buy another one and move and rent out the old one and keep doing this. Since the rates now are pretty high, doesn’t makes sense to refi than existing lower rates. So go the heloc route and then in the future refi the primary by taking money out of it and paying off the previous heloc.
Have you considered what might happen if you’re part of layoffs and have to go back to India?
If I get a conditional GC in 12-24 months, I might not be that worried about the layoff clock. Plus, both of us are on H1bs. Did you do EB5?
The good thing with eb5 filing is you can concurrently file 485, adj of status. Which gives you legal status as soon as file. Then when you get your EAD in 4 months, you can legally work for any employer without the h1b nonsense. Plus you get advanced parole letting you travel internationally.
NW
I recently got a heloc for 400K at 9.25. If I were you, I would liquidate some stocks and get to 800k, to reduce debt and monthly payment. Also lenders cap at 80% cltv, so how much you can borrow depends on current home value.
Folks what are the other options/ sources to get 800k for eb5?
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You shouldn’t need to tell the lender the specific reason Just a generic but true reason if asked Good luck
Have you done it? At what rate? I can always say investment purposes and still be correct for EB5, right?