2nds on Rental Properties???

[Sean Autry]

Hi All-

I'm opening escrow tomorrow on my first rental property. For the down payment I am using a mix of cash and HELOC on my primary. Once I close the purchase (and after a seasoning period, if any) I would like to (if equity allows) open a 2nd on the rental property and pay off the HELOC on my primary.

Here are my questions for all you lenders out there: 

• Can I do this?  Do banks even offer 2nds or HELOCs on investment properties? 
• If they do, do the costs and rate on these types of loans make sense?  
• What LTV would I be able to go to?

I know there are a hundred factors to determine bullets 2 and 3, but assume excellent credit and that the DTI will work.

Thanks for your help!

Sean