HELOC for investment property

[James Leos]

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

[Kerry Baird]

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

[Andrew Garcia]

Hi @James Leos, someone made a comprehensive list HERE.

Hope this helps! Let me know if I can be of any assistance.

[James Leos]

 @Kerry Baird and @Andrew Garcia   thank you! this is great, much appreciated

[Kerry Baird]

@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.

[James Leos]

@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.

[Jeremy Holden]

Quote from @James Leos:

@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? 

[Grant Schroeder]

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.

[Kelly Asmus]

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.

[Kelly Asmus]

BTW - Excellent List @Kerry Baird!

[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.  

[James Leos]

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...