Anyone used a home equity loan to get a down payment?

[Joshua G.]

Hi BiggerPockets,

I found an investment property that I think will cash flow very well, but I don't have cash to make the down payment. I'm considering pulling equity out of my primary home in a home equity loan (not HELOC) to get the down payment.

Has anyone had success doing this?  Anything I need to be aware of before I do it?  e.g., if there is a seasoning requirement to have the money in my bank account, or whether I'll need two lenders (one for the down payment, one for the actual mortgage), etc.   I'd really appreciate any guidance you might offer, as this will be my first acquisition using "creative" financing.

Thanks!