HELOC in Georgia for SFR

[Mark B.]

Hello all

I purchased a single family rental property in Forest Park, GA 2 years ago with 20% down. Recently I've been looking around on the web and the approximate value of the home has increased by about 10K. With that in mind I am interested in opening a HELOC on that property. Does anyone in the Atlanta area or GA as a whole know of a local bank that works well with investors? Or a national bank for that matter? Reading through the forums it sounds like most banks will not go above 70 or 80% LTV for an investment property HELOC, but I'm curious if anyone has had a different experience? Any help/insight is greatly appreciated.

Thanks

[Brian G.]

@Manmath D.

If you have 3 properties or less including your primary Pen Fed will do up to 80%LTV on each. If you have 4 properties including a primary they will ONLY do a Heloc on your primary. On a rental property it is 12 year draw, variable Prime + 1%, I/O or P/I your choice, no closing costs unless a site visit appraisal is required.