Financing - HELOC on Rental Properties

2 Replies

A few months ago, a thread here at BP caught my attention regarding quick easy and painless HELOC loans using rental properties as collateral available from PenFed Credit Union, often approved without even an appraisal. Knowing I would be in the market for such a product, I bookmarked the link to PenFed and waited until I was ready.

I'm ready now.  Unfortunately, PenFed's product was not the perfect match I had hoped it would be.  The main problem is PenFed allows applicants to own only three total properties (including primary) to qualify.  I own four in my name, and the process stopped pretty quick after that.

So I'm back to where I started.

Question: Does anyone know of any bank/credit union that offers such a product. I don't necessarily mind getting an appraisal, so that's not a dealbreaker. What I'm really looking for is a lender that will allow me to group my three rental houses together to generate a HELOC. 80-85% LTV would be great, but I'd accept less.


Hello Randy,

I've been working with Finance of America who have some programs that extend beyond what many banks will do or allow... Beyond that, PM me to get some local contacts that might be viable for your needs - as I've also encountered the same problem due to number of properties being higher than allowed by many banks and credit unions.


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