Is there a better way? Need a HELOC for an investment property

[Steve Holly]

I have a really cool situation where I'm acquiring a SFR in a major tourist destination town. I will own the property free and clear. It needs some cosmetic renovation but I'm having a hard time finding a lender for a HELOC on a non-primary residence. I'm putting the feelers out and hoping there might be an investor-friendly HELOC option out there. Property will rent for $1500-$2200 a month once updated. STR is banned in this location.

[Mark Munson]

Hi @Steve Holly

You can refinance it and borrow the rehab money and likely pull equity out against the current value too, a hard money lender can do that. Finding a HELOC on an investment property is much more difficult.