HELOC or second on rental in SLC

[Dan Gustavson]

Hello all - Anyone in Salt Lake have success finding a lender that will do a HELOC, or second mortgage, on a rental property (NOO)? At the moment I am unable to do one on my primary residence. Looking to tap into my equity in order to come up with a down payment for a second rental. Any advice would be greatly appreciated, thanks!

[Jim D.]

America First Credit Union is the only one I know of. They did a HELOC on one of my single family rentals at 80% LTV. There were almost no closing costs if you use the county property valuation as the value (it's a little lower than actual value), or you could pay the $500ish to get an actual appraisal. They had second mortgage options as well; I went for the HELOC due to the flexibility as I use the funds for flips and BRRRs.

Good luck!