Non Owner Occupied HELOC's

[Account Closed]

Hi BP, 

I am under contract on a duplex located in Glens Falls New York. After I take ownership I would like to get a HELOC on the property once I complete renovations.. The value will be there when all is completed..

I feel like I have hit a road block- all the local banks around me really only do owner occupied HELOC's.

Can anyone recommend a bank with decent terms for a non OO HELOC?

Thanks, 

Dylan 

[James Martin]

Would that be any different than taking a cash out REFI and then putting the cash in a safe place (like a savings account)?  Maybe the bank would do that for you, they could hold the REFI and they could keep the cash in their savings account.  Would accomplish the same thing, though you would float a little more interest I guess.