Has anyone heard of a HELOC product that needs a full withdrawal

[Erik Kuhi]

I have a rental property with a lot of equity that I was looking at opening a HELOC against. The loan officer I worked with to buy the property offered me a HELOC but said for this product I would need to make a full withdrawal at opening but that I'd be able to put the funds right back in to pay it off. Then I could use it like a normal HELOC. Does that sound legitimate or is that a way to turn a quick commission?

[Brittany Minocchi]

Nope, it's real - we offer the same HELOC. It requires a full draw at close but there's no prepayment penalty, so nothing stopping you from immediately paying back whatever you don't need. It also has a fixed rate, which is different from most HELOCs.