HELOC on Investment Property?

Question

Hey BP community!

Anyone know of a good credit union that could offer a HELOC on an investment property?

Thanks!

Marty Johnston · Answer

I bet this is in the top 5 most sought after financing products out there! I've been looking for a good source who will do these on a larger geographic level for years, but so far only luck I see in most cases are local banks or credit unions. I've found Credit Unions in particular to offer strong HELOC offerings. They're out there, just start dialing all the Banks and Credit Unions in the area and start asking! Some will have commercial departments, some won't. If they don't, that doesn't necessarily mean they don't have HELOCs on investment props - just gotta ask!

Good luck!

Benjamin Aaker · Answer

You should ask for the commercial banker at the bank that has the mortgage on the property.

If you own it outright - congratulations! Local banks that have commercial lending would likely talk to you.

The reason people have such trouble finding HELOCs is because most banks don't want to have second lien on a property. If there is a mortgage already, then you have the best chance in getting the HELOC from the same bank.

I realize that your question was about a good credit union, which I don't have. I hope this helps anyway.

Adah N. · Answer

@Alyssa Fiore

Where the rates competitive? Similar to what you would get from a credit union?

Dave Skow · Answer

@Kenny Smith- thanks ... it would help to know where the proeprty is located ? Try Figure ? SpringQ? Umpua / Coumbia if on west cost ? KEY ?

Account Closed · Answer

@Adah N. Yes, and actually the closing costs were cheaper because I didn't have to pay for an appraisal. Also it's kind of a headache to send so many documents but this was totally digital. Also they had fixed rates so I don't have to worry about them going up.

Stacy Raskin · Answer

I work with lenders that do HELOCs and fixed 2nd mortgages on investment properties.

Erik Estrada · Answer

Haven't seen a HELOC, however there is a second mortgage offered on NOO properties. Minimum loan amount is $75,000, max CLTV is about 85%

Mark Fein · Answer

Sprimg Equity offers fixed second mortgages on investment properties, they do not offer HELOCs though.

Eric Kump · Answer

Hey Kenny, what state are you in? I can do home equity loans on investment properties depending on the state. Feel free to message me.

HELOC on Investment Property?

HELOC on Investment Property?

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