HELOC on Investment Property or 2nd Home

Tampa, Florida
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HELOC on Investment Property or 2nd Home

Ryan Tolley
Rental Property Investor · Tampa, FL · Member since 2015 · 13 posts · 6 votes
Hello everyone,

Does anyone have recommendations, or had any luck securing a HELOC on an investment property or on a 2nd home? Any advice you can share would be greatly appreciated. I've got a great deal of equity to work with, but I'd rather not do a cash-out refi.

I'm located in Tampa, FL with properties in Indian Rocks Beach, FL. 

Thanks in advance.
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Nick Conley
Lender · Dallas, TX · Member since 2023 · 71 posts · 19 votes
3y

Ryan,

There are options for second home and investment property refis. Typically people can run in to trouble when it is a duplex or more than 1 unit.

I would be happy to get you some information, feel free to PM me to go over it.

Thanks,

Nick

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  • Nick Conley
    Lender · Dallas, TX · Member since 2023 · 71 posts · 19 votes
    3y

    Ryan,

    There are options for second home and investment property refis. Typically people can run in to trouble when it is a duplex or more than 1 unit.

    I would be happy to get you some information, feel free to PM me to go over it.

    Thanks,

    Nick

    1Reply
  • Nick Velez
    Lender · Member since 2019 · 250 posts · 219 votes
    3y

    @Ryan Tolley

    There are a few unique HELOC and HELOAN products for investment properties now a days. Expect that to come at reduced leverage and higher rates. Depending on how much you plan on taking out relative to your first lien, I would do a blended rate calculation just to make sure that it does not make more sense to refi.

    1Reply
  • Brittany MinocchiBusiness Member
    Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
    3y

    If it's a single family and not in an LLC, I know of at least 2 lenders that'll do them. A HELOAN (closed end second) would be an option as well, doesn't affect your first mortgage.

    [email protected]330-354-6590
    Brittany Minocchi - Barrett Financial Group, LLC522 Reviews
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    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y

    Hello Ryan, 

    There are second mortgage options available for second homes and investment properties. The max CLTV is 85% and you may qualify with 2 years of taxes or 24 months of bank statements

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    1Reply
  • Brayden Hrycko
    Lender · Allentown, PA · Member since 2023 · 207 posts · 38 votes
    3y

    Hey @Ryan Tolley,

    I work with several lenders that can do investment helocs. You still need to qualify for the payment on your own. We'd do a blended rate calc to make sure it makes sense to have a heloc/heloan vs a refinance. If you can't qualify for the heloc/heloan then a DSCR cashout may be your only option as they don't look at your income.

    0Reply
  • Tyler Case
    Lender · Florida, USA · Member since 2023 · 33 posts · 5 votes
    3y

    Hi @Ryan Tolley -- depending on your timeline, a Private Money Loan could be a viable option to utilize your equity and make additional investments. Capital cost is usually higher for shorter terms, but with these types of loans you can strike while the iron is hot (usually <14 days to close) and maximize your ROI. Happy to explore your needs and see if I can help :)

    0Reply
  • Kristina Kuba
    Tampa, FL · Member since 2021 · 383 posts · 389 votes
    3y

    TD bank is still provided RELOC's.  Just checked with the South Tampa branch a few weeks ago for another client.

    0Reply
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