Banks offering investment HELOCS

[Samuel S.]

Hey BP Folks,

Wanted to see if anyone has any experience with banks out there (national/regional/ credit unions etc) that are currently offering investment lines of credit?  

Not sure if this is a thing or not in today's mortgage space... I have to imagine other investors are in the same boat, who would prefer to go the HELOC route instead of cash out refinances. Just to have the option to use funds if and when a deals comes by, instead of refinancing cash out and immediately paying on that new higher financed amount.

Thanks in advance!!

[Chris Mason]

Originally posted by @Brian Ellis:

Originally posted by @Samuel S.:

@Brian Ellis Thanks Brian! 

 No Problem, they do charge a percentage point higher though! 

 You will have a higher rate on an investment property no matter how you slice it.

Local to me, there are regional banks with NOO HELOCs that stomp all the national guys. I don't know metro Detroit, but you might find the same thing there... a regional bank that wants to chase high net worth individuals by offering an unusually good NOO HELOC, they might make it a package deal and require that you open a checking/savings account with them (they want more of your business than JUST your HELOC, that's the point, that's their goal, that's why they do it).