HELOC > Re-fiance

[Maegan Quaife]

I am looking for recommendations of lenders who offer a HELOC on a cash flowing rental property in Burien, WA. I was surprised to find that most major banks do not offer this.

Thank you in advance for your feedback.

[Devin Peterson]

Quote from @Maegan Quaife:

I am looking for recommendations of lenders who offer a HELOC on a cash flowing rental property in Burien, WA. I was surprised to find that most major banks do not offer this.

Thank you in advance for your feedback.

Maegan, most lenders are in the same boat here. You wont find competitive HELOC loans for investment properties that A. Are DSCR underwrites, and B. Less expensive that it would be to get an entirely new first. Calculate the blended rate on a HELOAN to see if you can save some spare change with that approach. But big picture, 90% of the time I've seen it makes more sense to refi the 1st. Hope that helps. good luck!