Heloc on investment property
bethel, CT · Member since 2015 · 335 posts · 57 votes
Hi BP,
Does anybody know where to get a heloc on a investment property. I got pretty far with td bank until they found out I have 6 investment properties. They only led up to 4. Wells fargo you can only have 5 and pen fed 3.. or where to find unsecured lines of credit? Seems like the more properties you have the harder it is to qualify for smaller loans. Have excellent credit and 0 personal debit.
Thanks
First, if you have a number of properties, try local community banks or Non-qm lender for investment properties, as well as local credit unions.
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.
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
BBVA Compass
Boeing employee credit union
Bank of West (BNP Paribas) 60% LTV ELOCs
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
FirstBank CO a and AZ 75% LTV
First Florida Credit Union https://firstflorida.cumortgag...
First Commonwealth
First Midwest, up to 90% Chicago area
First Republic - California
Great Lakes Credit Union
Veritex , Texas HELOC
HSBC 70%, for premier clients only
Huntington 75% LTV 5 yr IO product available
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
Quorum Federal Credit Union 80% equity, owned by LLC is OK. 5 year interest only payments. New York State. Tiffany Mazzoccoli.
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."
S&T Pennsylvania
TCF Bank
TD Bank
TIAA Direct was EverBank
Trustco
Union Bank, specializes in noo HELOC. KCMO, NE
Union Bank, MUFG.
Upstate Bank in Rochester NY
US Bank
Vectra Bank - Colo
WSFS up to 70% on rental
First, if you have a number of properties, try local community banks or Non-qm lender for investment properties, as well as local credit unions.
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.
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
BBVA Compass
Boeing employee credit union
Bank of West (BNP Paribas) 60% LTV ELOCs
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
FirstBank CO a and AZ 75% LTV
First Florida Credit Union https://firstflorida.cumortgag...
First Commonwealth
First Midwest, up to 90% Chicago area
First Republic - California
Great Lakes Credit Union
Veritex , Texas HELOC
HSBC 70%, for premier clients only
Huntington 75% LTV 5 yr IO product available
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
Quorum Federal Credit Union 80% equity, owned by LLC is OK. 5 year interest only payments. New York State. Tiffany Mazzoccoli.
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."
S&T Pennsylvania
TCF Bank
TD Bank
TIAA Direct was EverBank
Trustco
Union Bank, specializes in noo HELOC. KCMO, NE
Union Bank, MUFG.
Upstate Bank in Rochester NY
US Bank
Vectra Bank - Colo
WSFS up to 70% on rental
@Kerry Baird
Thanks for your help!
@Ryan Keenan, the more properties you have, the more difficult the conventional space becomes. You are at the place where it no longer makes sense to keep pressing on with conventional lending. Time to start looking at doing something different:
Use owner financing, try one of the commercial lenders or credit unions, community banks in your local environment, or one of those mentioned here on BP. I have used Visio and LendingOne, am looking to use Mofin when I don't get an owner finance deal.
@Ryan Keenan, I second what @Kerry Baird has said. Larger banks are far more bureacratic. You want to go as small and nimble as possible. They issue loans from their own balance sheets typically vs. being stuck within agency (Fannie/Freddie) guidelines