Lender · Denver, CO · Member since 2015 · 404 posts · 227 votes
10y
I'm confident Vectra Bank will do a HELOC on an investor property and they have good rates. I have a contact there if anybody wants information. Also check with Everbank. They have a product called the Preferred Equity Line that is a first position HELOC and can be used on investment properties. I'm pretty sure Everbank will go to $2MM on their line. I do have contact info for an Everbank loan officer as well.
Rental Property Investor · Lincoln City, OR · Member since 2016 · 63 posts · 21 votes
10y
I just googled HELOC in Colorado and came up with a bunch of options. You might also check with your personal bank. I did a HELOC through US Bank - I bank with them and the terms were good. Good Luck!
Civil Engineer · Firestone, CO · Member since 2013 · 85 posts · 21 votes
10y
We just tried to get a heloc on one of our investment properties in Colorado and we could not find a bank or credit union that could do it. We talked to multiple local regional banks and credit unions. We were told multiple times that they would only do a heloc on our personal occupied home.
I would love to find a bank that will though! Please update this thread if you find one.
Escrow Officer · Denver, CO · Member since 2016 · 64 posts · 27 votes
10y
I would try portfolio lenders, they may have less strict rules for HELOCS on investment properties. Bank of the West comes to mind, but there are quite a few others. Look around for some smaller banks, they may have options that the credit unions and big lenders don't have.
Real Estate Agent · Denver, CO · Member since 2016 · 7 posts · 1 vote
10y
I was recently referred to UMB for refinancing a HELOC. I haven't approached them as my needs changed yet would be very interested to hear your experience if you reach out to them. Ask for Greg Hammond.
Investor · Moab, UT · Member since 2016 · 101 posts · 27 votes
10y
Usbank and chase (note holder) do not do HELOCs on an investment, nor do any of my local credit unions here in UT or MACU. (the property is in CO). Vectra Bank has come recommended, so now I'm in the process of amassing a list of banks and credit unions to call to see. I'll keep you updated.
Investor · Highlands Ranch, CO · Member since 2010 · 4 posts · 0 votes
10y
I have found that westerra does do HELOC but not on jumbo loans for investment property. Does anyone have any experience with jumbo loan HELOCs on investment property in colorado? Thanks, L
Real Estate Agent · Loveland, CO · Member since 2016 · 46 posts · 12 votes
10y
I agree that you should try a portfolio lender like First Bank or Bank of Colorado. Check with local credit unions as well. My understanding is that you can only get a HELOC on a personal residence. I believe that the HELOCs for rental properties idea got flushed after the 2007-2008 downturn, but it's still worth making a few phones calls to find out. Getting a straight out business loan might be more viable.
Lender · Denver, CO · Member since 2015 · 404 posts · 227 votes
10y
I'm confident Vectra Bank will do a HELOC on an investor property and they have good rates. I have a contact there if anybody wants information. Also check with Everbank. They have a product called the Preferred Equity Line that is a first position HELOC and can be used on investment properties. I'm pretty sure Everbank will go to $2MM on their line. I do have contact info for an Everbank loan officer as well.
Lender · Denver, CO · Member since 2015 · 404 posts · 227 votes
10y
And by the way, I have no affiliation with either one of those banks. I'm just aware of their programs due to research I've done for some of my own clients.