@Elenis C. It is fairly hard to find but I believe it is possible.
There is one local bank in my market that will do them. My recommendation would be to call the smallest 5-10 banks and credit unions in Jacksonville and see if they're willing. I think you'd probably have success with that.
@Mike Dymski is probably a better person to answer this question. Any idea Mike?
Hi @Elenis C.. I am actually closing on a HELOC (on an investment property) on Saturday with Huntington Bank. They allow for a max CLTV of 75% on one property. So if you have multiple, you can't get a HELOC on multiple investment properties. I probably called a dozen local banks and Huntington was the only one which offered a HELOC. Several would do a HEL, but it isn't what I wanted. Hopefully they are in your area.
@Elenis C. It is possible but not a lot of banks do them so you just have to call around to find the ones that will.
There's several forum posts that mention PenFed does them. Here's one of the recent posts: https://www.biggerpockets.com/forums/50/topics/590148-heloc-on-an-investment-property
When you call around, here's a list of questions you can ask the banks to help find the right one for you: What You Need to Know When Shopping for a HELOC.
@Elenis C. - I didn't want to be sitting on the cash and have to start making principle and interest payments right away. I prefer to have it waiting for me until I need it and have the flexibility of only having to make interest only payments if it made sense. Also, I applied when they had a promo eliminating their annual fee so it costs me nothing to have this.
@Elenis C. I'm in the process of doing this as we speak. The mortgage I'm getting is through Guaranteed Rate Inc. and my HELOC is through Hanscom Federal Credit Union. I do not know if they do anything out-of-state, but even with the HELO I'm going to be cash flowing very well BEFORE the improvements to the property.
I got a HELOC from PENFED (need to be or have a family member that is military or federal police type like customs or border patrol). 70 or 75% loan to value, and the rate is 1% above prime I believe ( my rate is 6% right now). That was about a year and a half ago the LOC through them.
@Elenis C. I have RELOC's against some of my properties in my RE portfolio. I had to drive across the state to find one of the lenders, the other two I found in local credit unions in which I had to join. It took me approaching about 12 different credit unions and banks before finding the LOC products that met my needs. I wish you the best in finding them in Florida. I know they exist (at least in Ohio) but took some persistence. You've got this!
Yes, they are very easy to work with and the application processes for car loans and HELOCs are relatively easy.
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