HELOC on Investment Property in Texas?

[Scott Sweeney]

Hello! I am buying a house to flip in Texas and would like to use the equity in a rental property of mine which is also in Texas to complete the purchase. I would like to do a HELOC through a bank as they typically have very low or no closing costs associated with them and this will be a short term loan (3-4 months max). I am not concerned with the rate because of the short term but really would like to avoid origination fees and closing costs. Does anyone know of any banks/lenders out there who offer this with a 70%-80% HCLTV? I currently have a first lien on the rental property at about 50% LTV. Thanks.

[Caleb Jordan]

Originally posted by @Scott Sweeney:

Hello! I am buying a house to flip in Texas and would like to use the equity in a rental property of mine which is also in Texas to complete the purchase. I would like to do a HELOC through a bank as they typically have very low or no closing costs associated with them and this will be a short term loan (3-4 months max). I am not concerned with the rate because of the short term but really would like to avoid origination fees and closing costs. Does anyone know of any banks/lenders out there who offer this with a 70%-80% HCLTV? I currently have a first lien on the rental property at about 50% LTV. Thanks.

 HELOCS on investment properties are hard to come by, and as mentioned, I guess in Texas you can't do them. Cash out is going to be your best option.