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Updated about 6 years ago on . Most recent reply
Refinance or heloc Tampa bay area Fl
Partnered with my brother to purchase a residential property at auction for cash in the Tampa Bay area in Florida. House has been upgraded and recent sold comps in the neighborhood are 110k to 125k. Rents in the area $900-$1300. Currently shopping around for refinancing options. Does anyone know of any banks in the Tampa bay area that offer helocs on investment properties or secondary homes? Any other option that would let us keep the home and pull out equity as we need it while the property rents would also be helpful.
We would like to use the refinanced or heloc funds to help purchase additional properties.
Most Popular Reply
I was on a quest for a long time to find such a unicorn, as so many people post here on BP that a HELOC cannot be done on a rental.
In addition to PenFed (the lender we went with) there is also TD Bank, Trustco, and US Bank.