Lines of Credit/ HELOC

[Larry Morris]

Does anyone in Wisconsin know someone that can help with a Line of Credit or HELOC for Owner Occupied or Non-Owner Occupied Properties.

[Lauren Robins]

Hey Larry!

If you’re in Wisconsin and looking for a line of credit or HELO there are a few good local options that are worth checking out (of course always shop around before choosing a lender!).

Premier Members Credit Union is a solid all-around choice since they offer HELOCs for both primary residences (up to 80% LTV) and non-owner-occupied properties (up to 75% LTV). If you're more focused on your primary home and want a great intro rate, Wisconsin Bank & Trust has a HELOC with a 2.99% APR for the first six months, lending limits up to $1.25 million, and an 80% LTV cap. For investment properties, AA Credit Union offers a fixed-rate HELOC with borrowing limits up to 70% LTV for first-lien positions or 60% for second-lien positions. You only pay interest on what you actually borrow, and there are no prepayment penalties.

If you’re thinking about something bigger, like financing for multiple rentals or commercial properties, WESTconsin Credit Union has loans for both owner-occupied and investment properties, including multi-family and office spaces. Peoples State Bank also offers flexible commercial real estate loans with terms up to 25 years. In Madison, Capitol Bank works with investors on one- to four-unit rental properties and offers a more personalized, local approach. For a broader reach, Griffin Funding is well known across Milwaukee and the state for investor-friendly loans. Wisconsin Mortgage Corporation is another option that provides a full range of home financing products and is easy to work with.

The best lender for you will depend on whether you want a revolving HELOC versus a term loan, the type of property you’re using as collateral, and how much flexibility you want. If you want to cover both bases, you could start with Premier Members CU for versatility, Wisconsin Bank & Trust for a competitive owner-occupied rate, and AA Credit Union for a solid fixed-rate investment property HELOC. If your focus is more on building a rental or commercial portfolio, WESTconsin CU, Peoples State Bank, Capitol Bank, and Griffin Funding all have investor-friendly programs worth exploring.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.