HELOC on investment property

[Lily Jensen]

Hi I live in West Palm Beach and I own an investment property (condo) in Miami. I own it cash and it cash flows me about $1900 a month after the hoa. I am  realtor and my husband is a contractor- we want to get a heloc on the condo so we can begin out first flip together and be able to use the funds when we need and then put it right back after closing. I am finding that most credit unions will only do helocs on primary residence. Does anyone know a credit union that will do a heloc on an investment property in FL? Or any other creative way to get funds?

[Erik Estrada]

I am not aware of any local banks that offer a HELOC in FL however you can do a DSCR standalone 2nd mortgage up to 75% CLTV on Condos.

[Katie Smith]

Hi there! It sounds like you're in a great position with your investment property.
Another option you might want to consider is a cash-out refinance on the condo, especially since it's owned free and clear. With a DSCR (Debt Service Coverage Ratio) loan, you can tap into your equity and still retain the cash flow since it's based on the property's rental income rather than personal income. This can give you the flexibility to fund your flip without the restrictions of a HELOC. If you're open to exploring this route, feel free to reach out!

[Ash Hegde]

I don't know of anyone local that will do this, unfortunately. Do you plan on doing multiple flips or just one? If you are planning to pay the HELOC back after each flip but then draw it right back out to buy the next one, you will have a loan balance most of the time and a refinance might work just as well for you. If you're only doing one off flips here and there this won't work though as you'd be paying extra interest that you don't need to.

[Raymond J. Rodrigues]

@Lily Jensen, I've come across a few banks that will do HELOC's for investment properties that I can share with you here locally in Florida. Feel free to connect with me and I will share their contact info.

[Melvin List]

@Lily Jensen Getting a HELOC on an investment property is not an issue. Happy to Connect.

[Zach Bosson]

Quote from @Lily Jensen:

Hi I live in West Palm Beach and I own an investment property (condo) in Miami. I own it cash and it cash flows me about $1900 a month after the hoa. I am  realtor and my husband is a contractor- we want to get a heloc on the condo so we can begin out first flip together and be able to use the funds when we need and then put it right back after closing. I am finding that most credit unions will only do helocs on primary residence. Does anyone know a credit union that will do a heloc on an investment property in FL? Or any other creative way to get funds?

Hi Lily,

I founded First Access Lending to provide Access in scenarios just like this!

We offer HELOCs and second liens on investment properties, financing up to 80% of the property’s value. Additionally, we can run an automated instant valuation to save you both time and money on appraisals.

Please let me know if you’re interested in getting a quote!

[Brad Smith]

Quote from @Zach Bosson:

Quote from @Lily Jensen:

Hi I live in West Palm Beach and I own an investment property (condo) in Miami. I own it cash and it cash flows me about $1900 a month after the hoa. I am  realtor and my husband is a contractor- we want to get a heloc on the condo so we can begin out first flip together and be able to use the funds when we need and then put it right back after closing. I am finding that most credit unions will only do helocs on primary residence. Does anyone know a credit union that will do a heloc on an investment property in FL? Or any other creative way to get funds?

Hi Lily,

I founded First Access Lending to provide Access in scenarios just like this!

We offer HELOCs and second liens on investment properties, financing up to 80% of the property’s value. Additionally, we can run an automated instant valuation to save you both time and money on appraisals.

Please let me know if you’re interested in getting a quote!

 @Zach Bosson - Do you also provide no-doc first lien HELOCs to refi current DSCR mortgage?