Best HELOC option in August 2022

[Bhushan Shinkre]

Hello Friends - I'm in the middle of couple of deals and need some advice. I have a primary home and couple investment properties, have > $1.4M in equity on primary home that I'd like to use. The new deals I'm investing in are wholesale and need all cash, but I'd also like to have access to cash for future deals.

I have 2 options:

1. Fixed-Rate HELOC from someone like Figure or Guaranteed Rate @5.99% with super low fee. Instant access to cash for just the two deals right now.

2. Get variable rate / traditional HELOC to further tap into the equity to draw only what I need for future deals.

I'm good to go on fixed-rate with Figure / Guaranteed Rate for my first 2 deals, but what have you seen as the best low cost / better terms option with traditional HELOC? Rates are so high (compared to last 2-3 yrs). that some HELOCs are not even worth it (7.5% and up!). I'm looking for HELOC that at least matches my fixed rate option to begin with. After some research, I found out decent deals / promotions with CNB bank. Are there CU's offering rates that match what I'm looking for? Of course, I'm looking at a broker to give me a better option ... but would like to know from this knowledgeable community on what's good out there with HELOCs.

NOTE: As you may already know, wholesale deals do not take conventional. Also, DSCR and hard money is out of picture due to ridiculous rates. For now, I feel like low rate HELOC is a great option since I have equity available that is just sitting there.