HELOC question for experienced lenders

[Tommy Cangelosi]

I'm thinking about bidding in an online auction that starts on Thursday for a local single family home. You have to pay cash in order to purchase. I have a few questions about HELOC loans. I have a lot of my cash tied up in a flip right now and don't have enough to be competitive.

1. How long from when you apply for one until you have access to the cash typically? This would be through a local bank that I have a tremendous relationship with.

2. What are the rates typically like on something like that?

Thanks for the help!