Rental Property Investor · NJ and PA · Member since 2019 · 206 posts · 105 votes
I have two properties with equity I want to use for further investments. Rather than refinancing, there are advantages to a HELOC (low closing costs, quicker underwriting, and I only pay interest on the funds I use). However, most lenders don't want to do a HELOC on an investment property. Fulton Bank is doing one for me (with 80% LTV) for my property in Pennsylvania. But I'm looking for a lender to do the same for my property in Florida, where they don't operate. Any suggestions?
Try Credit unions, I know Space coast does HELOC on investment properties. I am not sure though if you can open an account with them since you're out of state.
Update: I've decided to refinance instead of getting a HELOC for this property. The only lender I've found for this HELOC is TD Bank, and the interest rates are higher, variable, and complicated. Since I expect to use it all, there's no real advantage to the HELOC over a simple 30-year fixed refi. It's great to know the option exists, though. Thanks everyone for your responses!