Daniel, getting a HELOC in Texas is a little harder than other states and it has gotten harder recently. Pre-Shutdown I had 4 lenders that wrote HELOCs/LOCs in the 2nd position...but now, none of them are writing it in the 2nd position.
Now, you can certainly call around if you like. I had to call
about 200 lenders (no exaggeration) to learn of 4 lenders who did this and
I have some tips. First, when calling banks target the smallest most
community based banks you can first. If you have never heard of them, and
they have one location - that's a good candidate. No big, national,
publicly traded banks will do this loan type. Second, try to ask for
"LINES OF CREDIT" instead of "HELOC". I know it sounds
like I'm splitting hairs but some banks write HELOCs in their residential
department....which won't write Investment Properties. And that
residential department will often not speak to the commercial department. So, they'll
just say "sorry, we don't do it"....not even knowing that they
really do! So, if you ask for a "line of credit on an investment
property" that should get you to the COMMERCIAL division. That's the
section of the bank we want. Now, most of these smaller banks may only
have 12 employees or so. So, don't get frustrated if they don't return your
call or aren't in the office. Just call back and be friendly. Maybe play
dumb a little "I don't know if I'm in the right place..."
"I'm sorry to disturb you, you may not be the right person for
this....", etc. Maybe someone can get you to the right person. Again,
be prepared to call A LOT
