Our current investment property started as our primary residence. We have about $75k equity but didn't realize we couldn't take out a HELOC once it was rented. Does anyone know if a small banks or credit unions that will do this? The property is in Charlotte, NC. Refinancing doesn't make sense right now for this house. Looking for creative ways to get put money back out.
Two options that I’m aware of that give HELOCs on investment properties:
• Navy Federal Credit Union
• Wells Fargo (can’t have > 4 properties with mortgages though)
@Andrea Chester , some local banks may offer this. Pen Fed Credit Union does 80% LTV HELOCs on investment properties.
TD Bank does. I have 3 investment properties that I took HELOC's on each.