Can you get HELOC loan on investment property?

[Ralph Ace]

I spoke to a loan officer and he told me I can only get one HELOC loan on primary residence

He said I can't get one on investment property which was my plan.

I wanted to get second opinion and see if this is true or not.

If it's not true are there trusted lenders that do HELOC for investment property.

[Brittany Minocchi]

Not true. 

There are options for both HELOCs and HELOANs on investment properties. Many (not all) lenders require that for a HELOC, the property is titled to an individual, not an entity (like an LLC) and qualifying for them is typically full doc, meaning income, employment history, tax returns, DTI will be required.

HELOANs can be done without any of those things and can close in an LLC. These are closed-end seconds with a fixed rate, and they do carry prepayment penalties.

Both options typically cap LTV at 70% and will have higher rates compared to a cash out refinance - plan on double digits.