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Updated almost 6 years ago,
HELOC on Investment Property in Texas?
Hello! I am buying a house to flip in Texas and would like to use the equity in a rental property of mine which is also in Texas to complete the purchase. I would like to do a HELOC through a bank as they typically have very low or no closing costs associated with them and this will be a short term loan (3-4 months max). I am not concerned with the rate because of the short term but really would like to avoid origination fees and closing costs. Does anyone know of any banks/lenders out there who offer this with a 70%-80% HCLTV? I currently have a first lien on the rental property at about 50% LTV. Thanks.