Does anyone know any banks / credit unions that are doing HELOC / equity line of credit on investment properties?
I know First Tech and PenFed are, but they both have a limit of 4 financed investment properties, and I am just over that. I am not eligible for Navy Fed.
I've been researching and have called several other banks, but they all say that aren't doing HELOCs on investment properties.
Property is in Georgia.
Any banks / credit unions I should try?
@Michelle F. you probably need a local portfolio lender and you probably need to go to a commercial loan structure. Any investor friendly agent in your area should have a few recommendations.
I've gleaned these lenders from the kind people on BP. I have used PenFed and TD Bank for HELOCs on investment property. Post back if you find another lender who serves you well, and I will add them to my list and pay it forward. These were all sourced pre-CV19, so eat the fish and spit out the bones. It doesn't hurt to call.
Ridge Lending All in One, first position HELOC
AFCU does 80% LTV on NOO. Utah
Americafirst 80% LTV on noo 65% LTV Utah
Arvest Bank AR, OK, AL, MO
Bank of the west
BB&T will loan on a rental portfolio
Boeing employee credit union
California: Cal Coast Credit Union and Fremont Bank
Citizens Bank -Minnesota, only in-state. Kyle Potswald
Citizens first position HELOC
CMG a financial 70% LTV
East West Bank, up to 60% LTV with "no docs"
Figure 80% on a rental, not in LLC
First Florida Credit Union https://firstflorida.cumortgag...
Great Lakes Credit Union
Veritex , Texas HELOC
HSBC 70%, for premier clients only
Huntington 75% LTV
Hurst Lending and Insurance Investment property
HELOC in Texas. No seasoning.
Key Bank, FLorida flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary.
Merchants Bank MN See Pavel Ushakov
PenFed - max 3 other properties, 89% LTV
Regions- yes HELOC but no LOC
SCCU Florida 70% LTV, 6.25% interest only, not LLC
Signature Federal Credit Union 75% LTV
Sound CU "non-owner occupied HELOC, capped at $150K and interest rates are prime + 2%, 3% or 4%, based on credit, not to exceed 70% ltv."
TIAA Direct was EverBank
Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties. Automated appraisal.
Union Bank, specializes in noo HELOC. KCMO, NE
Union Bank, MUFG.
Wisdom from Ann Bellamy:
I also never keep much cash in a bank account in the same bank where I have any mortgage. For example, I have a mortgage and operating account at Bank X for one of my businesses. I pull out most of the surplus cash from the operating account and put it in an account owned by the same company but in Bank Y. That way I get to determine how it's used, not the bank.
@Kerry Baird what a great list this is awesome thank you for providing this!!
@Armin Nazarinia , you are welcome. I was challenged when folks said it was "impossible" to do, and rose to the challenge to find a few. :D
Thanks great list I was going to tell you about American first credit Union but it’s already on your list. Much appreciated
Originally posted by @Kerry Baird :
I've gleaned these lenders from the kind people on BP.
Awesome! I had made a list last year from the kind people on BP...I called around 12 banks, found the 3 with the most competitive rates...lost the list and all my info in a house move...
I’ll get to calling these banks tomorrow! Thanks again
@Justin Famulari , who do you recommend? Did you just shop for rates or also TCV?
Seems to me the key variables are: rate, TCV, draw period, origination/application/loan fees. Also, I hear some charge transaction fees,.
My properties are in PA and FL.
Just making calls right now:
fremontbank provides HELOC on investment properties situated in CA.
Bank of West provides HELOC on investment properties situated in CA, AZ
Hi Kerry, Thank you so much for the HELOC list. My rental properties are in NY but I live in AZ. Thus I have a hard time to find HELOC banks willing to work with rental properties. I used your list and found Penfed for this HELOC with an initial rate of 4.75%. I have used TD bank before for rentals. But they recently told me that they will not loan HELOC to rental properties. Again, thank you!
I have been trying to get a heloc on an investment home. They are asking for a transfer fee at closing. What is this fee, never heard about it before.