No more HELOC on investment properties??
Hello BP experts!
I have one of my investment property with a substantial equity in it... I was not planning to do anything with it, but recently decided that maybe I could put it to work through HELOC. To my biggest disappointment after talking to several banks no one seemed to lend HELOC on the investment properties anymore... I remember good old days when you were able to pull out up to a 100% of your equity at a very competitive 3,25%... Are these times all gone??!! I found one bank who would do it, but at 75% LTV at 5,25%.. Which to me looks like a ripoff. What do you guys think? Did anyone had any experience using HELOC from their investments recently? If it helps, I live in Virginia ( DC area ). Anyone could recommend a lender who still offers HELOC on investments!
Thanks a lot!