HELOC on investment property

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    8mo
    Quote from @Samuel Mechail:

    Looking for some advice on obtaining a HELOC for an investment property that doesn't have high fees and doesn't require me to take all of the funds outright.


     Have you tried a local bank? This will be the best option to minimize fees

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    • Samuel Mechail
      OP
      Member since 2020 · 3 posts · 0 votes
      8mo

      @Erik Estrada yeah but none are currently doing helocs unfortuantely. I'm willing to pay fees but I want a heloc that doesn't make me take everything out when I close on it 

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  • Stacy RaskinBusiness Member
    Lender · Member since 2022 · 1k+ posts · 495 votes
    8mo

    There aren't a lot of investment property HELOC options compared to primary home HELOC options. The investment property HELOCs I've seen will require a full draw but they will allow additional draws during a certain time period.

    [email protected]818-770-0340
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  • Vaughn Smith
    Property Manager · NJ · Member since 2017 · 786 posts · 396 votes
    7mo

    @Samuel Mechail start talking to mortgage brokers and take a look at fintech companies there are a few that are doing HELOCS now. There are lots of options out there but expect to only be able to tap 65-70% of the equity and fees will be a bit higher than normal.

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