Highest LTV on a HELOC?

3 Replies

I own a rental property and my primary residence, I am trying to obtain funds for 20% down on a fix and flip (3rd property). I recently went to KEY Bank to apply for a HELOC. I was told max LTV Key does is 60% on investment properties. Is anyone familiar with a bank in Colorado that goes higher? I plan on calling around this week but was curious if anyone can provide some advice. Thanks.

I just closed on a line of credit at 75% LTV at Vectra bank. Vectra is big on relationships so I am not sure what you would get without one.

I have heard that Westerra credit union has been pretty aggressive with lines of credit recently. 

Good luck!

Not sure if it makes a difference whether your using a rental vs primary residence for collateral, but we found one last year through First Citizens Bank in that offered 90T% LTV with a 1 year introductory rate of 1.99%. After the first year it went up to 3.85%. Shop around a little online. There's usually a few places running promotions with promotional rates, and credit unions seems to have the better terms. They were totally fine with us using the money for fix and flips, in fact they said their customers do it all the time. I called at least 20 banks and credit unions when I was shopping around and only 1 place told me they didn't allow funds to be used for investment properties. Best of luck.

@Jason H. :

Home State Bank has a 90% LTV HELOC product for investment properties. I have not used it, but it sounds like it could be a good deal. Best of luck!

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