HELOC on a Rental Property

[Michael Sheynin]

Hi, I have a condo that I am renting out in Clearwater, FL. Market value is approx $260K and I owe $158K on it. Any leads on getting HELOC on this property would be greatly appreciated! Thank you

[Michael Sheynin]

For information purposes I will keep updating on my progress so far so maybe someone can find it useful.

US Bank only opens Line of Credit for their customers who live within 50 miles of on of their branches.

TD Bank is asking if I own a land the condo is sitting on and already said that if it's a leasehold, the answer will be "no". I don't think it's a leasehold so will put application in with them on Monday and see if it's a go.

PenFed was not able to give me answers but got my phone number and someone is supposed to call back.

Other Banks: Space Coast Credit Union - not on investment CONDO. Would be ok on a house

MidFlorida Credit Union - must be primary residency. So is Community Bank and trust of Fl which just merged with MidFlorida CU

First Tennessee  - not on investment property but would on 2nd home or vacation home (doesn't make sense to me but it is what it is)