need some info on doing a heloc on a property in jacksonville florida.no mortgage on the property
I am not sure it is called a heloc if you do not live there as a primary residence. Any time I have tried, a conventional bank would not lend on non primary resident rental investment property., But I have only tried a few times.
You can try a comercial lender for 5 or more properties, or hard money or investment lenders, there are some out there.
if its owned free and clear you can typically get a HELOC as long as title has been in your name for more than 6 months. Even if its non primary you can still typically go 65-75% LTV>
Just went through this with Huntington bank successfully. Only issue I ran into was the value was much higher than when I purchased and with it being less than 12 months they had to take the original value.
One of the best I’ve found was with Wells Fargo. The local credit unions had good offers as well.
@Ennis Vines is this one a primary home? Or an investment property?