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rated:
Asking for a friend:

What's the minimum property value for a HEL or HELOC? Would a bank give a HELOC on a property worth.. Say 50k?
 

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rated:
Some banks may have minimums, but I checked a few bank websites where I do business, and they all expressly stated that there is no minimum loan amount.  The limitations are usually based on equity in the property, such as a maximum loan-to-value ratio of 70% or 80%.  It would vary by bank, but generally, if you have adequate equity, I wouldn't see any problem in getting a HELOC on a $50k property, assuming the borrower met all the usual criteria for credit.

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Anyone recommend any banks or credit unions that do 90% LTV for HELOC in los angeles, ca?

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Is there a maximum amount?

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heloninja said:   Is there a maximum amount?
Lenders will typically have a max amount somewhere in the range of 70% to 90% of equity (including your 1st mortgage).  Beyond that, no.  I've had lines up to $500k. 

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dcwilbur said:   heloninja said:   Is there a maximum amount?
Lenders will typically have a max amount somewhere in the range of 70% to 90% of equity (including your 1st mortgage).  Beyond that, no.  I've had lines up to $500k. 


How about a million?

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Yes if the value and equity is there and you qualify.

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tracj said:   
dcwilbur said:   
heloninja said:   Is there a maximum amount?
Lenders will typically have a max amount somewhere in the range of 70% to 90% of equity (including your 1st mortgage).  Beyond that, no.  I've had lines up to $500k. 


How about a million?

Remember that you will also have to have the income to support payments on the full amount of the line, equity notwithstanding. 

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dcwilbur said:   tracj said:   
dcwilbur said:   
heloninja said:   Is there a maximum amount?
Lenders will typically have a max amount somewhere in the range of 70% to 90% of equity (including your 1st mortgage).  Beyond that, no.  I've had lines up to $500k. 


How about a million?

Remember that you will also have to have the income to support payments on the full amount of the line, equity notwithstanding. 


Any banks that offer unlimited draw periods? Then it would be easy to have the income to qualify for the interest payments, equity nnotwithstanding.

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placed said:   

Any banks that offer unlimited draw periods? Then it would be easy to have the income to qualify for the interest payments, equity nnotwithstanding.


Not sure I understand the question. Setting aside the HELOC terms for a moment, underwriting standards are going to require a level of income necessary to repay the loan as if the entire amount of the line of credit were borrowed.

  

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