HELOC or Home Equity Loan Options In Texas - Need HELP!

[Terrance Lee]

Investors with property in Texas....I have a rental property in Fort Worth that I'm looking to get either a HELOC or Home Equity Loan on, the intent is to use that as funding toward my next property (preferably multi-family). After calling several banks and credit unions, I keep getting told that HELOCs and Home Equity Loans are only offered in Texas on primary residences, not investment property. I'm hearing that my only option would be a cash-out refinance.

Has anyone been successful getting a HELOC or Home Equity Loan on investment property in Texas? Is Cash-out refinance the only option?

Thanks!

Terrance Lee

[Andrew Postell]

@Terrance Lee nice to meet a fellow Texan.  It is true that Lines of Credit are hard to find in Texas but they do exist.  They are usually from really small banks.  Receiving a standard cash out loan is easier to find but not every bank does those either.  Good ol' Texas.  Through calling about 200 banks in the DFW I have found 3 that write Lines of Credit on investment properties.  Send me a PM and I will certainly share the info.  Thanks!

Also, we do have a Texas forum.  It's pretty active if you ever want to post there.  Thanks!