HELOCs on Investment Properties

[Shakir Elvin]

Good day, I have a rental property in South Florida and I'm thinking about adding some square footage (additional bedroom and bathroom). My plan is to used some of the equity in that property to do this expansion, I got a rough estimate of the interest rate at 11.25%, is this normal and if not I would love to be connected to a bank/ broker that does HELOCs on investments at a lower rate. 

Shak :)

[Erik Estrada]

Quote from @Shakir Elvin:

Good day, I have a rental property in South Florida and I'm thinking about adding some square footage (additional bedroom and bathroom). My plan is to used some of the equity in that property to do this expansion, I got a rough estimate of the interest rate at 11.25%, is this normal and if not I would love to be connected to a bank/ broker that does HELOCs on investments at a lower rate. 

Shak :)

Sounds about right. You have to factor in that this is a HELOC for an investment property.. The rate will be very high on this as standard. If the fees are not absurdly high, this is not bad.

It is very difficult to find lenders that will do a HELOC on an investment property.