Do lenders have HELOCs for Investment properties in Texas?

Question

Hi community, I have a rental unit that I own outright and would like to do a line of credit against but I cant seem to find lenders in texas that do LOC on investments. I am being told that a HELOC is different since its your primary home but no one seems to offer a LOC for investments that I have found.

Is this just not a thing in Texas? Am I just looking in all the wrong places?

Jay Hurst · Answer

what you see in the other 49 states is not relevant to Texas. Different rules.

Jay Hurst · Answer

Like I said above, we have these products. Happy to connect.

John W. · Answer

Hi Jason,

They are available, but a regular cash out may be a better option depending on the use of the funds (short-term or long-term). Feel free to reach out to discuss.

Henry Lazerow · Answer

They are out there but rates pretty bad seen stuff in the 9s

Nghi Le · Answer

Just saw someone in TX get a $500k 2nd lien HELOC with rates in the 6's. Rates have really come down in the past month! But it all really depends on LTV, credit score, and a handful of other factors. If you're maxing it out at 80% LTV on an investment property, you can probably expect something in the 9's or 10's.

Jason Smith · Answer

@Jay Hurst I don’t mind having rates in the 9s at the moment. It’s cheaper than hard money.

I would prefer a loc. I want to be able to pull money as needed for other projects and put it back without having to undergo underwriting every time I need capital like I would with HM.

If anyone has any idea who offers these product I would definitely appreciate the introduction.

Jay Hurst · Answer

AS John points out, yes, we do have LOC products for investment properties in Texas. Have a couple options in fact. But, the reason for the cash and the amount of time the cash is needed will decide if the LOC products are the best for you or something fixed like a cash out mortgage. But, yes, we do have products available.

Do lenders have HELOCs for Investment properties in Texas?

Do lenders have HELOCs for Investment properties in Texas?

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