HELOC Question: Bank vs. Credit Union vs. Lender

[Laurie Horning]

Hi BiggerPockets Community!

I just purchased my first investment property. It's a large 3 bedroom, 2 bath house that's zoned multifamily so it can be turned into a duplex (goals)!

My partner and I are planning to add a fourth bedroom in the basement to increase the value of the house and have the basement converted into a studio apartment. The property appraised for $75,865 more than we purchased it for (woohoo)!

We want to take out a HELOC to do the remodeling and repairs to the house. I went to the bank I bank with (Chase) to get a quote on their HELOC program. I plan on reaching out to a local credit union and a mortgage lender.

My question is, in your experience (as a savvy and seasoned buy and hold investor), which route has been the best and easiest overall in terms of rates, refinancing after the remodel, and getting the money? Is there a better way to pay for the rehabbing and remodeling? (Hard money loan, line of credit, etc)?