Does anyone if that option even exists?? my understanding is that most HELOC's can only be taken out if you live at the location.
@Jason Surat if you have 3 mortgaged properties or less including a primary and you own a rental in your name (not an llc) you can get a Heloc on said rental at 80%LTV from Pen Fed, 12 year draw at prime + 1%.
@briangerlach thank you for the info. As an active investor, i would be more attracted to a HELOC on properties i own free and clear (non owner occupies, in an LLC). In theory, it would allow me to minimize my cost of debt services and only pay for capital deployed vs a loan in which i would pay for both unused and used capital.
why doesn't a product like this exist? In terms of risk, perhaps a first position, tenant occupied property with pre-determined bench mark for cash flow, set # of experience, sounds attractive to me if i were a lender?