Investment HELOC - Term Comparison

[Adam A.]

After an exhaustive search I finally found two lenders that offer 1st position HELOC's on investment property. Trying to decide which one I should go with. In a nut shell it's 208K at in my opinion is a decently attractive rate for NOO, or take a 2% higher rate to have access to an additional 50K. If you know of any lenders that do HELOC's on investment property in Georgia I'd certainly welcome a recommendation.

Lender #1

65% LTV ( Prime -.17) = 7.33% Variable APR with loan limit of $208,000

$65 annual fee starting in year two 

No closing costs, Max termination fee $300 within 3 years

Lender #2

70.00% LTV (Prime + 1.25%) = 8.75% Variable APR with a Limit of $224,000
75.00% LTV (Prime + 1.50%) = 9.00% Variable APR with a Limit of $240,000
78.13% LTV (Prime + 1.625%) = 9.125% Variable APR with a Limit of $250,000
80.00% LTV (Prime + 1.75%) = 9.25% Variable APR with a Limit of $256,000

$100 annual fee starting in year two

No closing costs, need to repay closing costs if closed within 2 years