Has anyone received a HELOC on their investment property in NC recently? What lender did you use? I have one that's free and clear and a want to fund a BRRRR.
@Shirley Roberson I am not a lender. However, if the property is paid off you would just go and mortgage it probably at 75% LTV with any bank out there. Don't ask for a HELOC, banks don't give those on investment properties, only owner-occupied primary residences and usually those are a 2nd mortgage/loan. But you can do a "Cash out refinance", which yes is essentially the same thing but they don't use the term HELOC for investment props. You should be able to do a 30yr fixed if you don't have more than 10 other conventional loans on properties.
I would personally seek out a smaller local bank to build that relationship for the future, dealing with large national banks wont help you later. Where are you in NC? I may be able to recommend a lender.