HELOC - Home Equity Loan

[Spencer J.]

Hey Biggerpockets people

Can I get an idea on a good lender for rates and payment size for a line of credit for $150,000?  And can it be a rental or is this product for a primary residence only...??

[Dave Skow]

@Spencer J.- most HELOC lenders are only doing them on primary residences ...present rate range is 7-10%

[Conor Kearns]

Quote from @Dave Skow:

@Spencer J.- most HELOC lenders are only doing them on primary residences ...present rate range is 7-10%

 Hi Dave,

Do you know of any lenders offering non-owner occupied HELOCs?

[Christian Ehlers]

@Spencer J.not sure if you are still looking for help with this, if so I know a few lenders who could help with a HELOC, there are also lenders that will do a HELOC on a second home, I'm not 100% sure about a straight rental property though. I don't see why not, you would just need a more specific lender/loan type, and you probably wouldn't get nearly as good of rates and LTV for the HELOC, but it may still be an option.

[Dave Skow]

@Spencer J.- most helocs are  for primary res  homes  ....rate is  varaiable ....tied to the PRIME  rate plus an index  in the  0-3% range ....prime  increases when fed  fund rate increases ...prime is at  7%  ..so  7% -10% range ...payment is  interest only of outstanding balance ...you can use it as  needed ....there  may some lenders  that can  offer helocs on rentals  ...but not many