Home Equity Line Of Credit

[Matthew Davey]

I'm a new real estate Investor currently doing a live-in flip. I'm looking to get a home equity line of credit to finish the rehab. To limit massive amounts of cold calls and waiting on hold with numerous banks, Does anyone in the San Antonio (78209) area know of local banks that offer home equity line of credit? I am also interested in what the bank would expect from me to acquire a HELOC. I.E. would I have to get a separate appraisal done?

A little background on me, I'm currently in the Air Force. I purchased the home for 289K and the county tax appraiser for 2016 appraised my house before any renovations at 400k. I would be looking for a 50k line of credit, I am also open to other suggestions for creative financing.

If there is existing literature on this please provide a link so I can educate myself.

Thank you, Matt

[Matthew Davey]

Ok, I would like to give everyone an update. USAA was not doing any HELOC loans period at the time. However, Navy Federal was offering HELOC for primary residences and for investment properties. 90% of home value for primary residence and 70% of home value for investment properties. I went with a 70% of an investment property I own, the whole process took about a month and about $800.00 in closing cost to include a $400.00 appraisal. Thanks again for all your help.