Florida - Rental HELOCs

2 Replies

I called over 50 lenders in Florida and found 2 that actually offered HELOCs on investment:

Spacecoast CU and USF CU

Not precise but Spacecoast had 2 programs - total closing costs around $350 w/ desktop appraisal (add in $450 if appraisal needed):

1) 7 year draw I.O. with 14 yr repay

- 70-75% LTV, 1 yr rate lock 3.74 top tier credit then to prime

2) 7 year draw with 1.5% of principle payment, 14 year repay

- 80% LTV 3.74 top tier credit then to prime.

USF - ~$800 in closing costs not including Appraisal

1) 7 year draw I.O. with 14 repay. 

- 70% LTV Prime +1 for top tier credit.

I'm going through my second one with Spacecoast, the USF terms are from a few months ago so could have changed slightly. With rates pretty high, especially for cash out refi's, its not a bad move to open an equity line and if/when rates come down refi out of it. Happy hunting.

Look at Trustco if you have a branch near by, and TD Bank, as those also offered HELOCs on investment property when I was looking.

There is also PenFed that gives up to 80% and the Miami-Dade Postal Service Credit Union as well.  I am currently involved in doing the same thing in Miami.  Waiting for a response on the Miami-Dade Postal Service for rates.