Who is doing Heloc's on Investment Properties

[Stephanie Gledhill]

I can't find anyone who will do a Heloc on my SFR investment property in Franklin, TN. Any one know who can do this?

I found Third Fed Credit Union with a great rate prime - 1.01 = 2.24% for balance over $50K.

I have a great rate on my Primary home (in CA) and investment property so I don't want to do a cash-out refi. Any advice?? 

Thank you in advance !

[Greg Kasmer]

Stephanie - That looks like a great rate to me! However, do you have an existing loan/mortgage on the property? I have yet to find a lender (bank, credit union, etc...) willing to take a second position on an investment property, so if you found one, that is excellent! 

[Al D.]

@Stephanie Gledhill The credit union you found looks like a great option. You may also try to stop by your local Bank of the West branch - better than trying to establish a relationship by phone - to see if they offer investment HELOCs in TN. They do where they have physical presence, for sure. I don’t recall them having subordination concerns for a California property with first mortgage.

Don’t delay reaching out to them, as their offerings may change, due to having been acquired recently.

[Stephanie Gledhill]

@Greg Kasmer They won't do the Heloc on my investment property, only my primary residence. Third Fed Credit Union is taking 60-90 days also. Arghh. 

@Al D. I will check out Bank of the West. Thank you "-)

[Kerry Baird]

CMG Financial in Idaho will do 100% on owner occupied.

PenFed pulls Equifax for their HELOC. Best in the game, better than Navy.

Try local community bank or credit union for investment properties. PenFed FCU, TD Bank and US Bank are my best 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 largely sourced pre-CV19, so eat the fish and spit out the bones.

The DTI percentage range varies by lender, and is less than what you will find for an owner occupied property, due to lender risk. While qualifying for a HELOC is dependent on your home equity and your credit score, good or excellent credit makes it easier to qualify. A good average to shoot for is 620 or higher. Plus, the better your credit score, the better your interest rate.

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

Bancorp South, TX Lines of Credit on free and clear houses

Bank of Southern California, CA

Bank of West (BNP Paribas) 60% LTV CA, AZ, OR

BB&T will loan on a rental portfolio

BBVA, now PNC

BECU for OR

Bellwether Community Credit Union, NH and MA 85% to 100%, draw 10 yrs

BMO Harris, 3 HELOCs to 70% LTV

Boeing Employee Credit Union

Cal Coast Credit Union, CA

Citizens Bank -MiN, only in-state. Kyle Potswald

Citizens, first position HELOC

Coastal Federal Bank of NC

CMG Financial 70% LTV

Consolidated CCU, high LTV NOO LOC, OR, WA

East West Bank, up to 60% LTV with "no docs" San Fran CA area

Figure 80% on a rental, not in LLC

Finance of America, 95% CLTV, second home only, 680 FICO, not TX

FirstBank CO and AZ 75% LTV

First Florida Credit Union FL

First Commonwealth

First Midwest, IL up to 90% Chicago area

First Tech Federal. OR and other Western states. Up to 80% if FICO is over 780, no appraisal under $250k value.

First Republic - CA

Fremont Bank- CA

Frost Bank - TX

Fulton Bank, PA, NJ

GFA Federal Credit Union 10 yr draw, 10 yr repay, MA, NH

Granite State CU, NH 90-100%

Great Lakes Credit Union, Chicago area IL

GTE Financial, Tampa, Sarasota area FL w 2 yrs tax history on property

Hanscom FCU, TX

HSBC 70%, for premier clients only. FL, NY, MD, CA, VA, NJ,

Horizon Bank, Kalamazoo MI

Huntington MI 75% LTV 5 yr IO product available. Someone reported 80%…need confirmation

Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning. Bridge, portfolio, foreign national and other specialty loan products.

KeyBank, flexible lender, HELOCs on second

homes and rental properties. 90% LTV on primary. BLOC FL, CO, OH, UT, ID

Merchants Bank MN See Pavel Ushakov

Mid-Hudson Valley FCU

Mountain America CU Utah, ID, MT, NV, AZ, NM. 85% LTV, promo rate of 1.99%. Can refi an existing mortgage to a shorter term "Mini Mortgage."

Navy Federal 80% LTV

Norway Savings Bank, Maine

Omaha Mortgage

Oregonians CU - OR

PenFed - max 3 other properties, including primary. 80% LTV, prime + 1%, <4 properties

Peoples Bank of NC

PSECU up to 80%

Quorum Federal Credit Union 80% LTV, owned by LLC is OK. Very flexible lender. NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period.

Red Canoe Credit Union, WA OR

Regions- yes HELOC but no LOC

River Bank & Trust, AL

Rivermark Credit Union, OR 90% LTV

SCCU Florida 80% LTV, 2.75% first year promo, not LLC

SECU NC 65% LTV rate 2.75% Oct 2021

Signature Federal Credit Union 75% LTV (100% on primary residence), VA

Silvergate Bank, CA

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." CT

S&T Bank, PA

TCF Bank, FL, GA

TD Bank 75% line with FICO about 740. Up to 4 properties.

Torrey Pines Bank, see also Western Alliance Bank Corp. Commercial real estate solutions for developers, home builders.

Troy Bank & Trust, AL

Trustco Bank, FL, NY, NJ, MA, VT

Trustmark Bank, Texas. Call it a LOC rather than a HELOC

Union Bank, specializes in noo HELOC. KCMO, NE

Union Bank, MUFG.

Upstate Bank in Rochester NY, LOC up to 80%

US Bank 80%. “Business equity line of credit: Use Real Estate as Equity” up to $500k, interest only. gather your business and personal tax returns, financial statements, articles of incorporation and other legal documents.”

Vectra Bank - Colo

Veritex, Texas HELOC

WAFD Bank. Origination fee 1% or $700. Can be in an LLC, max 75% LTV. WA, OR, UT, NV, ID, NM, AZ, TX. All-in-One construction loan, too.

WellsFargo 60% LTV Up to 5 properties.

Workers Credit Union, MA 80-100%

WSFS...up to 70% on rental

Zions Bank, Utah

NO: Truist

[Stephanie Gledhill]

@Kerry Baird wow. Thanks for all the great info. 🙏🏻

[Armel Bayot]

+1 PenFed 

[Chris Davidson]

@Stephanie Gledhill I have SouthEast Bank doing a Heloc on a few investment properties in TN. They are newer and more eastern TN but have some really neat options right now. 

[Kory McCain]

This is great!  Do you have a contact who you would recommend at CMG Financial?

[Trevor Hawn]

I'm also looking to get access to equity that I have in one of our LTRs in Nashville TN. It has a really low mortgage rate that I'd like to hang onto. I spoke with PenFed today and they no longer offer HELOCs on investment properties as of April 2022. However, I also spoke with First Bank (located in Williamson Co...incidentally the same county as Franklin) and they are willing to do an equity line for me on the LTR. One caveat, they also hold the mortgage on the LTR so that may be why they are willing to that the 2nd position and extend the LOC to me.

[Cory Cannon]

Has anyone been able to get one lately on an investment property? I haven't been able to get one on even a property that doesn't have a mortgage. Very frustrating.

Property is in Florida but I don't live there. I have found places that do them but they are credit unions and you have to live in a state they service (which I don't)...

[Dave Skow]

@Stephanie Gledhill- is the third fed CU HELOC you mention for a HELOC on your investment property ? if so - you wont find anyhting better than this prime -1.01% rate heloc ........but what is the 2.24% you mention ? Prime is at 7%^ right now .....

[Tim Lucas]

I can't post the direct link but I did extensive research on the topic and found at least 1 investment property HELOC lender in almost every state. Google "investment property heloc myperfectmortgage".

[Devin Peterson]

sent you a PM!

[Jacob Gomes]

Movement Mortgage just rolled out a program for this. I believe its 70% LTV that they'll lend on. DM me if you want me to connect you with my local guy.

[Lauren Gustin]

Spring Eq can do a heloan and they are super easy to work with. 

[Tim Lucas]

Quote from @Tim Lucas:

I can't post the direct link but I did extensive research on the topic and found at least 1 investment property HELOC lender in almost every state. Google "investment property heloc myperfectmortgage".

 Some of you are having a hard time finding the above referenced resource so the address is https://myperfectmortgage.com/investment-property-heloc-lenders-in-every-state/

[Michael Vittorio]

Quote from @Stephanie Gledhill:

I can't find anyone who will do a Heloc on my SFR investment property in Franklin, TN. Any one know who can do this?

I found Third Fed Credit Union with a great rate prime - 1.01 = 2.24% for balance over $50K.

I have a great rate on my Primary home (in CA) and investment property so I don't want to do a cash-out refi. Any advice?? 

Thank you in advance !

 Stephanie I know I am late to the party but there are certain tax implications with HELOCs, I would make sure you understand those before diving in. 

[Kristina Kuba]

@Stephanie Gledhill I bank with TD.  Very strong national lender.  TD Bank 75% line with FICO above 720

[Corey Guedry]

Does anyone know of any other that service Louisiana for rental properties? So far I’ve found PenFed, US Bank and maybe Signature and Figure. 

[Tim Lucas]

Quote from @Corey Guedry:

Does anyone know of any other that service Louisiana for rental properties? So far I’ve found PenFed, US Bank and maybe Signature and Figure. 

Hurst Lending
Castle & Cooke Mortgage. Home equity loans only, no lines of credit.

[Denise Krall]

Quote from @Kerry Baird:

CMG Financial in Idaho will do 100% on owner occupied.

PenFed pulls Equifax for their HELOC. Best in the game, better than Navy.

Try local community bank or credit union for investment properties. PenFed FCU, TD Bank and US Bank are my best 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 largely sourced pre-CV19, so eat the fish and spit out the bones.

The DTI percentage range varies by lender, and is less than what you will find for an owner occupied property, due to lender risk. While qualifying for a HELOC is dependent on your home equity and your credit score, good or excellent credit makes it easier to qualify. A good average to shoot for is 620 or higher. Plus, the better your credit score, the better your interest rate.

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

Bancorp South, TX Lines of Credit on free and clear houses

Bank of Southern California, CA

Bank of West (BNP Paribas) 60% LTV CA, AZ, OR

BB&T will loan on a rental portfolio

BBVA, now PNC

BECU for OR

Bellwether Community Credit Union, NH and MA 85% to 100%, draw 10 yrs

BMO Harris, 3 HELOCs to 70% LTV

Boeing Employee Credit Union

Cal Coast Credit Union, CA

Citizens Bank -MiN, only in-state. Kyle Potswald

Citizens, first position HELOC

Coastal Federal Bank of NC

CMG Financial 70% LTV

Consolidated CCU, high LTV NOO LOC, OR, WA

East West Bank, up to 60% LTV with "no docs" San Fran CA area

Figure 80% on a rental, not in LLC

Finance of America, 95% CLTV, second home only, 680 FICO, not TX

FirstBank CO and AZ 75% LTV

First Florida Credit Union FL

First Commonwealth

First Midwest, IL up to 90% Chicago area

First Tech Federal. OR and other Western states. Up to 80% if FICO is over 780, no appraisal under $250k value.

First Republic - CA

Fremont Bank- CA

Frost Bank - TX

Fulton Bank, PA, NJ

GFA Federal Credit Union 10 yr draw, 10 yr repay, MA, NH

Granite State CU, NH 90-100%

Great Lakes Credit Union, Chicago area IL

GTE Financial, Tampa, Sarasota area FL w 2 yrs tax history on property

Hanscom FCU, TX

HSBC 70%, for premier clients only. FL, NY, MD, CA, VA, NJ,

Horizon Bank, Kalamazoo MI

Huntington MI 75% LTV 5 yr IO product available. Someone reported 80%…need confirmation

Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning. Bridge, portfolio, foreign national and other specialty loan products.

KeyBank, flexible lender, HELOCs on second

homes and rental properties. 90% LTV on primary. BLOC FL, CO, OH, UT, ID

Merchants Bank MN See Pavel Ushakov

Mid-Hudson Valley FCU

Mountain America CU Utah, ID, MT, NV, AZ, NM. 85% LTV, promo rate of 1.99%. Can refi an existing mortgage to a shorter term "Mini Mortgage."

Navy Federal 80% LTV

Norway Savings Bank, Maine

Omaha Mortgage

Oregonians CU - OR

PenFed - max 3 other properties, including primary. 80% LTV, prime + 1%, <4 properties

Peoples Bank of NC

PSECU up to 80%

Quorum Federal Credit Union 80% LTV, owned by LLC is OK. Very flexible lender. NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period.

Red Canoe Credit Union, WA OR

Regions- yes HELOC but no LOC

River Bank & Trust, AL

Rivermark Credit Union, OR 90% LTV

SCCU Florida 80% LTV, 2.75% first year promo, not LLC

SECU NC 65% LTV rate 2.75% Oct 2021

Signature Federal Credit Union 75% LTV (100% on primary residence), VA

Silvergate Bank, CA

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." CT

S&T Bank, PA

TCF Bank, FL, GA

TD Bank 75% line with FICO about 740. Up to 4 properties.

Torrey Pines Bank, see also Western Alliance Bank Corp. Commercial real estate solutions for developers, home builders.

Troy Bank & Trust, AL

Trustco Bank, FL, NY, NJ, MA, VT

Trustmark Bank, Texas. Call it a LOC rather than a HELOC

Union Bank, specializes in noo HELOC. KCMO, NE

Union Bank, MUFG.

Upstate Bank in Rochester NY, LOC up to 80%

US Bank 80%. “Business equity line of credit: Use Real Estate as Equity” up to $500k, interest only. gather your business and personal tax returns, financial statements, articles of incorporation and other legal documents.”

Vectra Bank - Colo

Veritex, Texas HELOC

WAFD Bank. Origination fee 1% or $700. Can be in an LLC, max 75% LTV. WA, OR, UT, NV, ID, NM, AZ, TX. All-in-One construction loan, too.

WellsFargo 60% LTV Up to 5 properties.

Workers Credit Union, MA 80-100%

WSFS...up to 70% on rental

Zions Bank, Utah

NO: Truist

 The One Brokerage does HELOCs on rental properties.

[Jeremy Brown]

Cal Coast Credit Union was super easy to work with and did our HELOCs on investment properties super quickly.