Hey all, I co-own an investment property out of state (beach house that has been passed down through the years. We use it a few weeks out of the year and rent it the rest.) with my sister and we're looking to get a HELOC on it in order to purchase another property. It's fully paid off. Talking with a few local credit unions but wanted to see what some national banks would offer. I bank with Bank of America and they do not offer HELOCs on rental properties only cash out refi. Ideally I'd like a HELOC for the flexibility and in an effort to avoid closing cost fees.
Question is, do some major banks offer HELOCs on investment properties or am I going to run into this situation often?
Wells Fargo does them on investment properties at 60% LTV.
Here's some questions you can ask when shopping around: What You Need to Know When Shopping for a HELOC.