Any tips on finding a lender that will do a HELOC on investment properties? I live in Kansas City and the couple places I've reached out to so far only offer them on primary residences.
Thank you! Their website even specifically mentions investment property helocs. I just reached out to them!
Hi @Andrew Perkins ! I don't have an answer for you, but I'm wondering if you've tried the larger local banks? UMB, Commerce, Arvest, CapFed, Intrust. I'm using a personal HELOC now off my primary, but I'd like to make the switch to bundled rental properties at some point - these would be where I'd start.
Try local community bank or credit union for investment properties. TD 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 it 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
Bank of West (BNP Paribas) 60% LTV ELOCs
BB&T will loan on a rental portfolio
Bellwether NH and MA 85% to 100%, draw 10 yrs
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
Consolidated CCU, high LTV NOO LOC, OR, WA
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 Midwest, up to 90% Chicago area
First Republic - California
GFA Federal Credit Union 10 yr draw, 10 yr repay, MA
Granite State CU, NH 90-100%
Great Lakes Credit Union
Veritex, Texas HELOC
Hanscom FCU, Florida
HSBC 70%, for premier clients only
Horizon, Kalamazoo Michigan
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.
Mountain America Credit Union in Utah, Idaho, Montana, Nevada, Arizona, New Mexico. 85% LTV, promo rate of 1.99%. Can refinance an existing mortgage on investment property to a shorter term "Mini Mortgage."
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. 2021
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."
TD Bank 75% line with FICO about 740
TIAA Direct was EverBank
Union Bank, specializes in noo HELOC. KCMO, NE
Union Bank, MUFG.
Upstate Bank in Rochester NY, LOC up to 80%
Vectra Bank - Colo
Workers Credit Union, MA 80-100%
WSFS...up to 70% on rental
Zions Bank, Utah
@Andrew Perkins PenFed, I just did one a couple months ago with them
Quorum credit union does NOO investment property HELOCS
Do you know if PenFed still has restrictions on investment properties? I recall until a year ago, they will do HELOCs on investment properties only if you have 4 or fewer?