HELOC for fix and flip properties

[Kyle Horn]

I'm in the Boise, Idaho area and I'm looking to take out a HELOC. Does anyone have recommendations on who they have used? I'm looking to invest in some fix and flips and eventually hold some properties.

[Matt Browning]

I was given better rates from local credit unions than the three banks that I approached. On my primary residence, banks were around 85% LTV with a rate of prime - 0.5%. So at the time (two weeks ago) it was 4.25%. Fees were around $350-500. Credit Unions came back willing to go 100% LTV and prime - 1% (3.75% at the time). Also, one of them was willing to waive all of the fees if the HELOC stayed open 3 years. I went with that one!!