Looking for HELOC Options on Investment Properties – Any Experiences with Better.com?

[Surendra N.]

I've been exploring HELOC options for investment properties in Virginia and reached out to a few local banks, but they only offer HELOCs on primary residences. Better.com, however, said they could do it for investment properties and provided some quotes.

That said, their terms seem a bit restrictive. The margin on a 30-year HELOC with a 3-year draw period is quite high. Additionally, they have an unusual initial withdrawal requirement:

This seems less flexible than a traditional HELOC. Has anyone here taken a HELOC from Better.com? If so, what was your experience with their terms and overall process?

Also, are there other lenders that offer HELOCs on investment properties with more favorable terms?

Any recommendations would be greatly appreciated! Thank you in advance