HELOC on an Investment Property

[Kwanza P.]

I made an offer on an STR property. It will need some repairs. I got a good deal. Can I take out a HELOC on an investment property to fund these repairs?

[Ned Carey]

A HELOC is HOME Equity Line Of Credit. The key word is HOME. When looking for this I suggest you do not use the term HELOC but simply say a credit line secured by investment property.

It m ay sound stupid but it is quite possible for a banker to say you can't get a HELOC when the same bank offers Investment lines of credit.