Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
7y
@Matthew Stuart yes but they will be hard to find. Avoid large national banks they will be a waste of time. Focus on smaller regional banks. And I suggest you don't call it a HELOC as it is not for your home. Ask for a credit lien secured by investment property.
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
7y
@Matthew Stuart yes but they will be hard to find. Avoid large national banks they will be a waste of time. Focus on smaller regional banks. And I suggest you don't call it a HELOC as it is not for your home. Ask for a credit lien secured by investment property.
In primary residence, you can have a mortgage and then additional HELOC; based on the equity on the propery.
However, for investment property; this type of HELOC is less common. The reason being the risk being high as 2nd lien or junior lien position.
There are private lenders who would do HELOC on investment property; if they are first lien open-ended-mortgage. This gives flexibility so funds are available to make improvements or other real estate investments.
Are there any lenders that will give you a HELOC off of your investment propert(not primary)
Hey Matthew,
We offer investment helocs! I do these quite a bit for investors. They also use automated appraisals so can be as quick as 5 day fundings. Shoot me a message it you have any questions, happy to help!