Rhode Island Home Equity Line of Credit (HELOC)

[Mo Um]

I'm looking for a bank that offers a HELOC on an investment property. I did a little research and consensus says to check more local banks. I found one that does, but now they are saying they must be the 1st lienholder as well. Anyone out there with any success in this situation? Thanks in advance.

[Joshua Silver]

I was able to get a HELOC on a rental property from PenFed last year, so unless that's changed I would go to them. You need to sort of donate a small amount or something to become a member, but it's super easy and then you can get a HELOC on a rental.

And TD Bank gave me an unsecured personal line of $50K without ever using them before, so I would try that if you're looking unsecured. We have great credit, high income, cash flowing rentals, low DTI and credit usage, etc. so I obviously can't vouch that you will have the same experience, but I can tell you for sure it's out there. Good luck!