Updated about 7 years ago on . Most recent reply
Florida - Rental HELOCs
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.