Florida - Rental HELOCs

[Jeremy Kuchenbecker]

I called over 50 lenders in Florida and found 2 that actually offered HELOCs on investment:

Spacecoast CU and USF CU

Not precise but Spacecoast had 2 programs - total closing costs around $350  w/ desktop appraisal (add in $450 if appraisal needed):

1) 7 year draw I.O. with 14 yr repay

- 70-75% LTV, 1 yr rate lock 3.74 top tier credit then to prime

2) 7 year draw with 1.5% of principle payment, 14 year repay

- 80% LTV 3.74 top tier credit then to prime.

USF - ~$800 in closing costs not including Appraisal

1) 7 year draw I.O. with 14 repay. 

- 70% LTV Prime +1 for top tier credit.

I'm going through my second one with Spacecoast, the USF terms are from a few months ago so could have changed slightly. With rates pretty high, especially for cash out refi's, its not a bad move to open an equity line and if/when rates come down refi out of it.  Happy hunting.