First HELOC on my rental property
So I have a property that I assume to have a value of $300,000. My current mortgage is $162,000. Doing the math, a 70% LTV would land at $210,000, an 80% LTV would land at $230,000. This essentially means I could have a HELOC around $50k - $80k.
I am thinking about taking a HELOC out to purchase a short-term rental. The incoming rent is more than sufficient to cover any extra monthly fees incurred from the new loan product.
Where do I get started? Is it hard to find lenders giving HELOC products for rental properties right now?