Yes, generally I’ve seen them at 65-75% Ltv and normally higher origination +1 point higher rate. But of course as others have stated, make some calls to local/smaller banks and see what they offer in your area.
They are out there, even though there are a lot of comments that it isn’t possible. Call around! I have a short list that has taken some time to search out. Ask other investors in your local area, call your local credit unions.
I just got a HELOC on a rental property (nowhere near fully paid off) from Penfed. They do have a restriction on how many total properties you can own, but all in all it was a painless process.
Can one obtain a HELOC loan on a rental property that is not fully paid off?
We offer investment helocs! I do these quite a bit for investors. They also use automated appraisals so can be as quick as 5 day fundings. Shoot me a message it you have any questions, happy to help!