HELOCs on Investment Property in DC Area

[Tiana O.]

Hey BP Fam, 

I'm having a hard time finding a bank that will do HELOCs on rental properties in the DC (DMV area). People have mentioned that I might want to try a local lender or credit union. I'm not a part of any credit unions. 

Does anyone know of any local lenders that provide HELOCs for investment properties?

[Nicole A.]

@Tiana O. You can likely become a member of several credit unions as they don't all have much of a restriction on membership.

While we can not give you recommendations here in this thread (against forum rules to give recommendations outside the marketplace), we can give you advice. You're correct in talking to smaller local banks.

The other big thing is that rather than the term "HELOC", for your rentals, you'll want to ask for a "line of credit" secured by your rental. Essentially the same thing, but if you call it a HELOC, they might just say "oh no we don't do that".

Go out and visit a few banks! Best of luck!