heloc's on a rental property

Member since 2018 · 2 posts · 0 votes

Hi All

has anyone been able to get a heloc on a rental property

I can easily get one on my primary residence but am having trouble finding someone to do one on my rental property

NOT looking for a lender just want to know if its possible

greatly appreciate any response thanks !:)

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Jonathan Taylor SmithBusiness Member
Rental Property Investor · Durham / Raleigh (Triangle), NC · Member since 2015 · 840 posts · 801 votes
7y
Do you own the rental property free and clear of any existing mortgage? If so, then it is possible to obtain a 1st position HELOC on a rental, but rate may be hgher than normal and percentage of value will be lower. Even then, it will be much harder to find, but it is possible.
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Eduardo BravoPro Member
Sunnyvale, CA · Member since 2016 · 22 posts · 3 votes
7y
I got a Heloc for an investment property using Fremont Bank , so yes its possible, you will have to pay a higher interest rate than if the Heloc was on your primary home.
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Joseph Rutigliano
OP
Member since 2018 · 2 posts · 0 votes
7y
yes I own it free and clear
thank you both for responding I will keep searching
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Robert LaPrelle
Chapel Hill, NC · Member since 2017 · 50 posts · 28 votes
7y
I would recommend local banks over national banks if you're having a hard time finding something. Local banks often have a little more flexibility and (if you're lucky) will get excited about reinvesting into the community.
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Jason L.
Rental Property Investor · Delray Beach, FL · Member since 2014 · 224 posts · 169 votes
7y
I'm working on closing one right now with a local credit union. Rate is higher but not untenable.
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