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I am fairly new to the Compliance world. I have an experienced lender that says an individual can only have one HELOC at a time, even if you have multiple properties. For instance, if you have a HELOC on your primary residence and then you have a rental property that you want to borrow against, in his opinion, you can not have a HELOC on that rental property, you would have a commercial/business line of credit. Is this true?
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