Has Anyone gotten a HELOC lately

[Jim Kalish]

Hi BP family.  I've been calling lenders for the last 2 months trying to see who is still offering lines of credit on investment properties I hold in my name.  with the increase in home values here n Charlotte, NC I have a lot of equity I want to tap.  But I don't want to do a cash out refi because I really hate paying on money I'm not using.  My intent is to use the line to either be able to buy quickly with cash or use the line *** down payments and rehab money on fix and flips or for properties I would buy with private money and then refi after rented.  If anyone has been able to actually get a line on their rentals I would be eternally grateful to get some info.

Thanks in advance

[Jim Kalish]

@Chris T.

This is a little premature since I haven't closed on anything yet but here are the results of my research and input from BP so far. Keep in mind I concentrated on lenders who are licensed in North Carolina and do lines on NOO. I still need to contact the ones other have given me. The last time I contacted BoA and PNC they said only on primary residence, not NOO. I tried to include phone numbers etc but the site said I couldn't do that.

BMO Harris

Edwin Adorno

Will do up to 3 HELOCs. This is in addition to mortgages you have

70% LTV

PenFed

Will do up to 4 HELOCs but limit the number of properties you can have in your name to 4 I think.

85% LTV

TD Bank

Will do up to 4 HELOCs. I believe they do count mortgages in this total

70% LTV

@Nick Belsky gave me 2 that I need to contact

Symmetry Lending

Quorum FCU

And Nick might be able to help you if you are in other states

Vinay Kolluru gave me 3 I need to contact

State Employees Credit Union (I'm guessing you would have to be a state employee)

Coastal federal credit union

Fidelity Bank NC

And if you or anyone in your immediate family works for Food Lion try Lions Share CU.  But they limit you to only 2 investment properties in your name.