HELOC for investment property
Real Estate Investor · Phoenix, AZ · Member since 2014 · 18 posts · 18 votes
Hello,
I'm looking for a HELOC for a fourplex in Tempe, AZ. I've called every credit union and the big banks don't seem to be doing HELOCs right now...anybody have recommendation?
Thank you!
James
All in One - Ridge Lending, first position HELOC. Must have excellent credit.
AFCU does 80% LTV on NOO. Utah
Americafirst 80% LTV on noo 65% LTV Utah
Arvest Bank AR, OK, AL, MO
Bancorp South, TX Lines of Credit on free and clear houses
BankNewport
Bank of Southern California, CA
Bank of West (BNP Paribas) 60% LTV CA, AZ, OR
BankRI
BB&T will loan on a rental portfolio
BBVA, now PNC
BECU for OR
Bellwether Community Credit Union, NH and MA 85% to 100%, draw 10 yrs
BMO Harris, 3 HELOCs to 70% LTV
Boeing Employee Credit Union
Cal Coast Credit Union, CA
Change Wholesale
Chelsea Groton Bank, CT
Citizens Bank -MN
Citizens, first position HELOC
CMG Financial 70% LTV CMG Financial in Idaho will do 100% on owner occupied.
Coastal1, RI
Coastal Federal Bank of NC
Consolidated CCU, high LTV NOO LOC, OR, WA
East West Bank, up to 60% LTV with "no docs" CA, WA, NV, GA, NY, TX and MA. Super easy.
Eastern CT Savings Bank, CT
Figure 80% on a rental, not in LLC
Finance of America, 95% CLTV, second home only, 680 FICO, not TX
FirstBank CO and AZ 75% LTV
First Florida Credit Union FL
First Commonwealth
First Midwest, IL up to 90% Chicago area
First Tech Federal. OR and other Western states. Up to 80% if FICO is over 780, no appraisal under $250k value.
First Republic - CA
Fremont Bank- up to 60% CA
Frost Bank - TX
Fulton Bank, PA, NJ
GFA Federal Credit Union 10 yr draw, 10 yr repay, MA, NH
Granite State CU, NH 90-100%
Great Lakes Credit Union, Chicago area IL
GTE Financial, Tampa, Sarasota area FL w 2 yrs tax history on property
Hanscom FCU, TX
HarborOne, RI
HSBC 70%, for premier clients only. FL, NY, MD, CA, VA, NJ,
Horizon Bank, Kalamazoo MI
Huntington MI 75% LTV 5 yr IO product available. Someone reported 80%…need confirmation
Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning. Bridge, portfolio, foreign national and other specialty loan products.
KeyBank, flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary. BLOC FL, CO, OH, UT, ID
Lafayette Ambassador Bank
Merchants Bank MN See Pavel Ushakov
Mid-Hudson Valley FCU
Mountain America CU Utah, ID, MT, NV, AZ, NM. 85% LTV, promo rate of 1.99%. Can refi an existing mortgage to a shorter term "Mini Mortgage." Currently on pause. Let me know if they start up again.
Navy Federal 80% LTV
Norway Savings Bank, Maine
Omaha Mortgage
Oregonians CU - OR
PenFed - max 3 other properties, including primary. 80% LTV, prime + 1%, <4 properties. Pulls Equifax.
Peoples Bank of NC
PSECU up to 80%
Quorum Federal Credit Union 80% LTV, owned by LLC is OK. Very flexible lender. NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period. FICO at least 680. Not in Texas.
Quontic does not seem to offer these at the moment.
Red Canoe Credit Union, WA OR
Regions
River Bank & Trust, AL
Rivermark Credit Union, OR 90% LTV
SCCU Florida 80% LTV, 2.75% first year promo, not LLC
SECU NC 65% LTV rate 2.75% Oct 2021
Signature Federal Credit Union 75% LTV (100% on primary residence), VA
Silvergate Bank, CA
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." CT
SouthEast Bank TN
Spring EQ will do a HE Loan on an investment up to 90%
Symmetry
S&T Bank, PA
TCF Bank, FL, GA
TD Bank 75% line with FICO about 740. Up to 4 properties.
Torrey Pines Bank, see also Western Alliance Bank Corp. Commercial real estate solutions for developers, home builders.
Troy Bank & Trust, AL
Trustco Bank, FL, NY, NJ, MA, VT
Trustmark Bank, TX. Call it a LOC rather than a HELOC
Union Bank, specializes in noo HELOC. KCMO, NE., MUFG.
Upstate Bank in Rochester NY, LOC up to 80%
US Bank 80%. “Business equity line of credit: Use Real Estate as Equity” up to $500k, interest only. gather your business and personal tax returns, financial statements, articles of incorporation and other legal documents.”
Vectra Bank - Colo
Veritex, TX HELOC
Webster Bank, CT, RI
WAFD Bank. Origination fee 1% or $700. Can be in an LLC, max 75% LTV. WA, OR, UT, NV, ID, NM, AZ, TX. All-in-One construction loan, too.
WellsFargo 60% LTV Up to 5 properties.
Workers Credit Union, MA 80-100%
WSFS...up to 70% on rental
Zions Bank, Utah
NO: Truist
TEXAS https://www.cutx.org/home-equi... WAFD, Frost, Trustmark
High primary, not investment, HELOC:
Spring EQ 97.5% and fast, at 11 days
Foreign national: Civic 80% LTV for cash out. 5/1, 7/1 and 10/1 interest only ARMS. 1 to 2 year bridge loan. Fund in 5. To 10 business days; can finance the rehab.
SMALL BALANCE HELOC ON PRIMARY
US Bank 15k to $750k 10 year draw. Requires high FICO 730 and LTV 70% or less
PenFed Best Credit Union $25 to $500k 10 yr draw. Up to 90% LTV.
Bank of America, low fee. $25k to $1 million, 10 year draw. HUGE line
PNC Bank best for small home improvements $10k up. 7 to 10 yr draw.
TD Bank from $8 k up. Can go from $25 to $500k…large line.
Frost Bank, in Texas only.
CALIFORNIA: Bank of Southern California, Bank of West (BNP Paribas), Cal Coast Credit Union, East West Bank, up to 60% LTV with "no docs" San Fran, First Republic, Fremont Bank, Golden1, HSBC, Quorum FCU, Silvergate Bank,
TEXAS
Frost Bank, East West Bank, Hanscom FCU, Trustmark Bank, Veritex, WAFD Bank
UTAH
Mountain American Credit Union and America First have great rates for HELOCs
America First will do a HELOC on an investment property in Utah.
STR DSCR Mortgages (not HELOCs)
Visio
Host Financial
American Heritage
LendingOne
RCN
Temple View Capital
All in One - Ridge Lending, first position HELOC. Must have excellent credit.
AFCU does 80% LTV on NOO. Utah
Americafirst 80% LTV on noo 65% LTV Utah
Arvest Bank AR, OK, AL, MO
Bancorp South, TX Lines of Credit on free and clear houses
BankNewport
Bank of Southern California, CA
Bank of West (BNP Paribas) 60% LTV CA, AZ, OR
BankRI
BB&T will loan on a rental portfolio
BBVA, now PNC
BECU for OR
Bellwether Community Credit Union, NH and MA 85% to 100%, draw 10 yrs
BMO Harris, 3 HELOCs to 70% LTV
Boeing Employee Credit Union
Cal Coast Credit Union, CA
Change Wholesale
Chelsea Groton Bank, CT
Citizens Bank -MN
Citizens, first position HELOC
CMG Financial 70% LTV CMG Financial in Idaho will do 100% on owner occupied.
Coastal1, RI
Coastal Federal Bank of NC
Consolidated CCU, high LTV NOO LOC, OR, WA
East West Bank, up to 60% LTV with "no docs" CA, WA, NV, GA, NY, TX and MA. Super easy.
Eastern CT Savings Bank, CT
Figure 80% on a rental, not in LLC
Finance of America, 95% CLTV, second home only, 680 FICO, not TX
FirstBank CO and AZ 75% LTV
First Florida Credit Union FL
First Commonwealth
First Midwest, IL up to 90% Chicago area
First Tech Federal. OR and other Western states. Up to 80% if FICO is over 780, no appraisal under $250k value.
First Republic - CA
Fremont Bank- up to 60% CA
Frost Bank - TX
Fulton Bank, PA, NJ
GFA Federal Credit Union 10 yr draw, 10 yr repay, MA, NH
Granite State CU, NH 90-100%
Great Lakes Credit Union, Chicago area IL
GTE Financial, Tampa, Sarasota area FL w 2 yrs tax history on property
Hanscom FCU, TX
HarborOne, RI
HSBC 70%, for premier clients only. FL, NY, MD, CA, VA, NJ,
Horizon Bank, Kalamazoo MI
Huntington MI 75% LTV 5 yr IO product available. Someone reported 80%…need confirmation
Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning. Bridge, portfolio, foreign national and other specialty loan products.
KeyBank, flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary. BLOC FL, CO, OH, UT, ID
Lafayette Ambassador Bank
Merchants Bank MN See Pavel Ushakov
Mid-Hudson Valley FCU
Mountain America CU Utah, ID, MT, NV, AZ, NM. 85% LTV, promo rate of 1.99%. Can refi an existing mortgage to a shorter term "Mini Mortgage." Currently on pause. Let me know if they start up again.
Navy Federal 80% LTV
Norway Savings Bank, Maine
Omaha Mortgage
Oregonians CU - OR
PenFed - max 3 other properties, including primary. 80% LTV, prime + 1%, <4 properties. Pulls Equifax.
Peoples Bank of NC
PSECU up to 80%
Quorum Federal Credit Union 80% LTV, owned by LLC is OK. Very flexible lender. NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period. FICO at least 680. Not in Texas.
Quontic does not seem to offer these at the moment.
Red Canoe Credit Union, WA OR
Regions
River Bank & Trust, AL
Rivermark Credit Union, OR 90% LTV
SCCU Florida 80% LTV, 2.75% first year promo, not LLC
SECU NC 65% LTV rate 2.75% Oct 2021
Signature Federal Credit Union 75% LTV (100% on primary residence), VA
Silvergate Bank, CA
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." CT
SouthEast Bank TN
Spring EQ will do a HE Loan on an investment up to 90%
Symmetry
S&T Bank, PA
TCF Bank, FL, GA
TD Bank 75% line with FICO about 740. Up to 4 properties.
Torrey Pines Bank, see also Western Alliance Bank Corp. Commercial real estate solutions for developers, home builders.
Troy Bank & Trust, AL
Trustco Bank, FL, NY, NJ, MA, VT
Trustmark Bank, TX. Call it a LOC rather than a HELOC
Union Bank, specializes in noo HELOC. KCMO, NE., MUFG.
Upstate Bank in Rochester NY, LOC up to 80%
US Bank 80%. “Business equity line of credit: Use Real Estate as Equity” up to $500k, interest only. gather your business and personal tax returns, financial statements, articles of incorporation and other legal documents.”
Vectra Bank - Colo
Veritex, TX HELOC
Webster Bank, CT, RI
WAFD Bank. Origination fee 1% or $700. Can be in an LLC, max 75% LTV. WA, OR, UT, NV, ID, NM, AZ, TX. All-in-One construction loan, too.
WellsFargo 60% LTV Up to 5 properties.
Workers Credit Union, MA 80-100%
WSFS...up to 70% on rental
Zions Bank, Utah
NO: Truist
TEXAS https://www.cutx.org/home-equi... WAFD, Frost, Trustmark
High primary, not investment, HELOC:
Spring EQ 97.5% and fast, at 11 days
Foreign national: Civic 80% LTV for cash out. 5/1, 7/1 and 10/1 interest only ARMS. 1 to 2 year bridge loan. Fund in 5. To 10 business days; can finance the rehab.
SMALL BALANCE HELOC ON PRIMARY
US Bank 15k to $750k 10 year draw. Requires high FICO 730 and LTV 70% or less
PenFed Best Credit Union $25 to $500k 10 yr draw. Up to 90% LTV.
Bank of America, low fee. $25k to $1 million, 10 year draw. HUGE line
PNC Bank best for small home improvements $10k up. 7 to 10 yr draw.
TD Bank from $8 k up. Can go from $25 to $500k…large line.
Frost Bank, in Texas only.
CALIFORNIA: Bank of Southern California, Bank of West (BNP Paribas), Cal Coast Credit Union, East West Bank, up to 60% LTV with "no docs" San Fran, First Republic, Fremont Bank, Golden1, HSBC, Quorum FCU, Silvergate Bank,
TEXAS
Frost Bank, East West Bank, Hanscom FCU, Trustmark Bank, Veritex, WAFD Bank
UTAH
Mountain American Credit Union and America First have great rates for HELOCs
America First will do a HELOC on an investment property in Utah.
STR DSCR Mortgages (not HELOCs)
Visio
Host Financial
American Heritage
LendingOne
RCN
Temple View Capital
Hi @James Leos, someone made a comprehensive list HERE.
Hope this helps! Let me know if I can be of any assistance.
@Kerry Baird and @Andrew Garcia thank you! this is great, much appreciated
@James Leos, call around with your own FICO score and ask, "With a FICO of #### what terms can you offer for a HELOC on an investment property?" Don't let a bunch of places pull your credit. Many lenders are pulling back on this product due to risk in the market, so please let me know if you find one that works for you right now. PenFed is reported to be on the outs, and it has been a mainstay for some time.
@Kerry Baird thanks for the tip. I found one lender last week that would HELOC an investment property and they pulled my credit, then when it got to the underwriter they said they can't do a fourplex (they only do single family)...so now, I am getting very specific before going too far into the process with anyone. I'll start calling your list next week and will let you know if I have any luck.
@Kerry Baird thanks for the tip. I found one lender last week that would HELOC an investment property and they pulled my credit, then when it got to the underwriter they said they can't do a fourplex (they only do single family)...so now, I am getting very specific before going too far into the process with anyone. I'll start calling your list next week and will let you know if I have any luck.
@Grant Schroeder Is this an area of expertise Grant?
Thanks for the shout out @Jeremy Holden! We can broker HELOCs up to 90% CLTV on a primary, but not on an investment property. We can do them, but I tend to defer to CUs or banks for LOCs, especially for investment property. Our sweet spot is first lien mortgages, like our 10% down, no MI Academy Investor Loan for 1-4 unit investments.
I'm in Oregon/SW Washington and use First Tech for my HELOC's for investment properties we own. They have been great to work with.
BTW - Excellent List @Kerry Baird!
@Kelly Asmus, thank you. I will take note of First Tech. There are a number of providers who have stopped HELOCs on investment properties, but I expect that will change in a similar way that ARMs are in fashion again.
Team, no luck for me so far but I do appreciate all the feedback. I've had a few lenders that do not have a HELOC product tell me that they may have one in the coming weeks/months, so that's good news.
For anyone else looking for HELOC for investment properties in Arizona this is what I've found so far:
Lenders that will do HELOC on a single family or 2 unit investment (non-owner occupied) property:
Bank of West (BNP Paribas)
PNC
Mountain America
US Bank
WaFd
BMO Harris
Desert Financial
Quorum
First Bank
So far I haven't found anyone that will touch a 3-4 unit, If anyone has gotten a HELOC on a fourplex in AZ please let me know who you used.
I'm looking for a HELOC so I can renovate units as they turnover and I just cash out refi'd in 2020 so would like to keep the low rate primary...I may look into second position loan if I'm not getting any traction in the coming weeks.
Cheers.
Lenders that will not do HELOC on an investment (non-owner occupied) properties (for now, may change):
PenFed
Navy Federal
Citizens Bank
Key Bank
OneAZ
WSECU
Alhambra CU
Pinal County CU
TruWest
Corporate America Family CU
Arizona Financial CU
Landings CU
San Tan CU
NuVision
AERO Federal
Alaska USA
Marisol CU
Banner Federal
Vantage West
Countless others...