takig out HELOC on investment property for repairs?

Good luck finding a HELOC on inv property, especially for a condo. If the property is eligible for conventional financing I can refnance the property and build in the repairs up to 75% of the improved value. Otherwise, you could try a "cash out" refinance where the max will still be 75% but of the current value (not the improved value). The improvements must of course be allowed by your HOA/regime.

I'm not aware of any lender who will do a HELOC on an investment property.. especially a condo.. I'm not saying it doesn't exist.. i'm just don't know of anyone doing them. you might be better off just doing a cash out refinance, but your condo association must be approved for finance.. and right now, the majority of condominium projects are not.. the lender will require a "condo questionnaire".. they will want to know how many units (like yours) are investor owned, how many are in default, how many are in foreclosure, how much reserves does the association have, is there any pending law suits, etc.. depending on the results of this form will determine if you can get any type of conforming financing.. if the complex does not pass the test, then your stuck with finding private money.. very expensive.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Will most likely have to refinance and take cash out. Don't think you will be able to get a HELOC on an investment property

Refinance to 75% of value.

Depending on your overall situation - you may be able to take a less thought of route and ask your local bank or credit union for a signature line of credit. This wouldn't be attached to the property and is typically reserved for those with good credit and steady income. They are typically without fee and very fast. I hate to talk anyone out of a "mortgage" option but that may be the better route to investigate as the amount is not substantial.