HELOCS on Investment Property Post COVID
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Kyle Mailloux
Rental Property Investor from Fort Lauderdale, FL
posted about 2 months ago
So I'm in the middle of my first BRRRR and COVID has caused some changes to lending policies. Most notably it seems I can only get a cash out refi for 70% of the property value compared to the 80% I was expecting. I used both hard money and a private lender to fund the deal. 70% will cover my hard money loan and most of the private loan but I'd like to take another 10% out to pay off the private loan without any cash out of pocket. Does anyone know any banks giving HELOCS on investment properties right now? I'm located in Florida. Thanks!