HELOC for 2 unit investment property in Chicago, IL

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Jack Matthias
Lender · Chicago · Member since 2023 · 176 posts · 70 votes
1y

Hi Josh,

Curious why the Heloc as this can be done with better terms going the conventional route.

2Reply
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  • Taylor DaschBusiness Member
    Real Estate Agent · Temple, TX · Member since 2022 · 1k+ posts · 700 votes
    1y

    Try Jay Hurst ( on BP), I'm not sure if he works this area but he can probably find something or give you some information / options moving forward.

    [email protected]254-718-4249
    Taylor Dasch | EG Realty560 Reviews
    WebsiteView Page
    1Reply
  • Jarret Jarvis
    Real Estate Agent · Chicago · Member since 2021 · 168 posts · 62 votes
    1y

    Hi Joshua,

    It sounds like you've got a solid situation—congrats on positioning yourself so well! For a first-lien HELOC on a 2-unit rental property, I highly recommend reaching out to Taylor Adams at A&N Mortgage. Taylor has extensive experience with investment properties and creative financing solutions, and he's great at finding options tailored to unique situations like yours.

    If you’d like, I can share his contact info or make an introduction. Let me know!

    Best of luck with your financing,

    Jarret

    0Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    1y

    Hey @Joshua Manier - I've got a list of HELOC lenders that I can share with you. It is definitely a bit more tricky on an investment property, but it can for sure be done.

    What area of Chicago is the property in?

    [email protected]
    Quality Builders4.966 Reviews
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    1Reply
  • Jeffrey BlackmanPro Member
    Lender · Chicago, IL · Member since 2017 · 107 posts · 34 votes
    1y

    @Joshua Manier, we can do investor HELOC's and HELOANs to 75% LTV. I closed one for a 2-unit on the West side last week. I'm curious why you want a HELOC instead of a conventional loan in the first position. A conventional would be cheaper. Call or DM me.

    Jeff

    0Reply
    • Doug Waco
      Member since 2025 · 2 posts · 1 vote
      1y
      Quote from @Jeffrey Blackman:

      @Joshua Manier, we can do investor HELOC's and HELOANs to 75% LTV. I closed one for a 2-unit on the West side last week. I'm curious why you want a HELOC instead of a conventional loan in the first position. A conventional would be cheaper. Call or DM me.

      Jeff

      I would be interested in a quote from you on a HELOC for my rental property.
      0Reply
    • Jeffrey BlackmanPro Member
      Lender · Chicago, IL · Member since 2017 · 107 posts · 34 votes
      1y
      Quote from @Doug Waco:
      Quote from @Jeffrey Blackman:

      @Joshua Manier, we can do investor HELOC's and HELOANs to 75% LTV. I closed one for a 2-unit on the West side last week. I'm curious why you want a HELOC instead of a conventional loan in the first position. A conventional would be cheaper. Call or DM me.

      Jeff

      I would be interested in a quote from you on a HELOC for my rental property.

       Hi Doug, I just sent you a DM. I'm happy to help!

      0Reply
  • Jack Matthias
    Lender · Chicago · Member since 2023 · 176 posts · 70 votes
    1y

    Hi Josh,

    Curious why the Heloc as this can be done with better terms going the conventional route.

    2Reply
  • Taylor DaschBusiness Member
    Real Estate Agent · Temple, TX · Member since 2022 · 1k+ posts · 700 votes
    1y
    Quote from @Jack Matthias:

    Hi Josh,

    Curious why the Heloc as this can be done with better terms going the conventional route.


    If he owes a decent amount on the property, wouldnt the conventional route make him lose whatever interest rate he has? I would assume that if its for a short term loan, it would likely be better terms with the HELOC but I dont know much about the subject honestly.

    [email protected]254-718-4249
    Taylor Dasch | EG Realty560 Reviews
    WebsiteView Page
    1Reply
  • Jack Matthias
    Lender · Chicago · Member since 2023 · 176 posts · 70 votes
    1y

    Yes, depends on if he already has a loan and the rate on that. Same thing for the size of the Heloc but you'll get better terms on the Conventional vs Heloc.

    0Reply
  • Trevor Finn
    Real Estate Consultant · Columbia, MD · Member since 2017 · 160 posts · 55 votes
    1y

    Hi @Joshua Manier,

    **I'm not affiliated with any of the companies mentioned**

    Your strong financial profile and low LTV puts you in a great position! I'd suggest starting with local credit unions or community banks—they're often more flexible with investment properties. Also, consider lenders that specialize in investment property financing, like LendingOne or Kiavi. 

    Have you explored any of these options yet?

    0Reply
  • Mario Morales
    Member since 2020 · 239 posts · 104 votes
    1y

    what if he got a HELOC, used the funds to get a property, then cashout-refi the new property and pay off the heloc? as helocs go for around 10% and the new rate could be 7% on the cashout refi. Im not expert but Ive took out a heloc and dragged on going on my advise and it sucked

    0Reply
  • Bonnie LowPro Member
    Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
    1y
    Quote from @Jonathan Klemm:

    Hey @Joshua Manier - I've got a list of HELOC lenders that I can share with you. It is definitely a bit more tricky on an investment property, but it can for sure be done.

    What area of Chicago is the property in?


    Jonathan, I'd be interested in that list of HELOC lenders you mentioned.

    [email protected]
    1Reply
  • Jeffrey BlackmanPro Member
    Lender · Chicago, IL · Member since 2017 · 107 posts · 34 votes
    1y
    Quote from @Mario Morales:

    what if he got a HELOC, used the funds to get a property, then cashout-refi the new property and pay off the heloc? as helocs go for around 10% and the new rate could be 7% on the cashout refi. Im not expert but Ive took out a heloc and dragged on going on my advise and it sucked

    Hi @Mario Morales, There are 2 things I would pay attention to in the scenario you describe. (1) Most cash out loans are limited to 75% -80% LTV meaning you wouldn't be able to get all of your cash back out. (2) The interest rates I see in the market are closer than what you've listed. I see HELOCs as low as 7.5%, so the difference is not that significant.

    0Reply
  • Clayton Silva
    Lender · CA · Member since 2018 · 637 posts · 393 votes
    1y

    2nd position HELOCS on investment properties are typically capped at 70% LTV and have rates ranging from 9-11% just a heads up unless you use a local credit union where you have cash on deposit with them. Figure and NYFTY are easy automated HELOC programs with super quick closings (I did one for a client that funded in like 72 hours from loan app). Neither one allows for ownership in LLC which is frustrating and Figure only does SFRs.

    1Reply
  • Jeffrey BlackmanPro Member
    Lender · Chicago, IL · Member since 2017 · 107 posts · 34 votes
    1y
    Quote from @Clayton Silva:

    2nd position HELOCS on investment properties are typically capped at 70% LTV and have rates ranging from 9-11% just a heads up unless you use a local credit union where you have cash on deposit with them. Figure and NYFTY are easy automated HELOC programs with super quick closings (I did one for a client that funded in like 72 hours from loan app). Neither one allows for ownership in LLC which is frustrating and Figure only does SFRs.


    To clarify my previous post: 80% LTV is available on single family homes, 75% LTV is available for 2-4 units.

    0Reply
  • Clayton Silva
    Lender · CA · Member since 2018 · 637 posts · 393 votes
    1y
    Quote from @Jeffrey Blackman:
    Quote from @Clayton Silva:

    2nd position HELOCS on investment properties are typically capped at 70% LTV and have rates ranging from 9-11% just a heads up unless you use a local credit union where you have cash on deposit with them. Figure and NYFTY are easy automated HELOC programs with super quick closings (I did one for a client that funded in like 72 hours from loan app). Neither one allows for ownership in LLC which is frustrating and Figure only does SFRs.


    To clarify my previous post: 80% LTV is available on single family homes, 75% LTV is available for 2-4 units.


    DSCR can cash out 80% even on 2-4 units, but I was referring to OP's request for HELOC on investment properties

    0Reply
  • Jeffrey BlackmanPro Member
    Lender · Chicago, IL · Member since 2017 · 107 posts · 34 votes
    1y
    Quote from @Clayton Silva:
    Quote from @Jeffrey Blackman:
    Quote from @Clayton Silva:

    2nd position HELOCS on investment properties are typically capped at 70% LTV and have rates ranging from 9-11% just a heads up unless you use a local credit union where you have cash on deposit with them. Figure and NYFTY are easy automated HELOC programs with super quick closings (I did one for a client that funded in like 72 hours from loan app). Neither one allows for ownership in LLC which is frustrating and Figure only does SFRs.


    To clarify my previous post: 80% LTV is available on single family homes, 75% LTV is available for 2-4 units.


    DSCR can cash out 80% even on 2-4 units, but I was referring to OP's request for HELOC on investment properties

    To further clarify my previous post: 80% LTV HELOCS on investment properties are available on single family homes, 75% LTV HELOCS on investment properties are available for 2-4 units.
    0Reply
  • Clayton Silva
    Lender · CA · Member since 2018 · 637 posts · 393 votes
    1y
    Quote from @Jeffrey Blackman:
    Quote from @Clayton Silva:
    Quote from @Jeffrey Blackman:
    Quote from @Clayton Silva:

    2nd position HELOCS on investment properties are typically capped at 70% LTV and have rates ranging from 9-11% just a heads up unless you use a local credit union where you have cash on deposit with them. Figure and NYFTY are easy automated HELOC programs with super quick closings (I did one for a client that funded in like 72 hours from loan app). Neither one allows for ownership in LLC which is frustrating and Figure only does SFRs.


    To clarify my previous post: 80% LTV is available on single family homes, 75% LTV is available for 2-4 units.


    DSCR can cash out 80% even on 2-4 units, but I was referring to OP's request for HELOC on investment properties

    To further clarify my previous post: 80% LTV HELOCS on investment properties are available on single family homes, 75% LTV HELOCS on investment properties are available for 2-4 units.

     2nd position? I have seen those on 1st position, but not for 2nds.  Curious who those are funded with?

    0Reply
  • Jeffrey BlackmanPro Member
    Lender · Chicago, IL · Member since 2017 · 107 posts · 34 votes
    1y
    Quote from @Clayton Silva:
    Quote from @Jeffrey Blackman:
    Quote from @Clayton Silva:
    Quote from @Jeffrey Blackman:
    Quote from @Clayton Silva:

    2nd position HELOCS on investment properties are typically capped at 70% LTV and have rates ranging from 9-11% just a heads up unless you use a local credit union where you have cash on deposit with them. Figure and NYFTY are easy automated HELOC programs with super quick closings (I did one for a client that funded in like 72 hours from loan app). Neither one allows for ownership in LLC which is frustrating and Figure only does SFRs.


    To clarify my previous post: 80% LTV is available on single family homes, 75% LTV is available for 2-4 units.


    DSCR can cash out 80% even on 2-4 units, but I was referring to OP's request for HELOC on investment properties

    To further clarify my previous post: 80% LTV HELOCS on investment properties are available on single family homes, 75% LTV HELOCS on investment properties are available for 2-4 units.

     2nd position? I have seen those on 1st position, but not for 2nds.  Curious who those are funded with?

    Second position. Give me a call if you want to discuss.
    0Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    1y

    Happy to share @Bonnie Low!  Please shoot me a DM with your email and I can send it over to you.

    [email protected]
    Quality Builders4.966 Reviews
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    0Reply
  • Bonnie LowPro Member
    Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
    1y
    Quote from @Jonathan Klemm:

    Happy to share @Bonnie Low!  Please shoot me a DM with your email and I can send it over to you.


     Thanks - just sent it.

    [email protected]
    1Reply
  • Nicholas D.Pro Member
    Investor · New Bedford, MA · Member since 2016 · 100 posts · 39 votes
    1y

    @Jeffrey Blackman is this specific to Chicago only? I have some small multifamily properties that I am looking to access the equity in. I'm located south of Boston.

    @Jonathan Klemm I would be interested in that list as well if possible. 

    Appreciate all the help!

    1Reply
  • Jeffrey BlackmanPro Member
    Lender · Chicago, IL · Member since 2017 · 107 posts · 34 votes
    1y

    Hi @Nicholas D., we can do a DSCR HELOC in Massachusetts as well. Give me a call or DM me the details.

    0Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    1y

    No problem @Nicholas D. just shoot me over a PM and I can share the line of credit list.  To be honest, it's probably a little outdated at this point.

    [email protected]
    Quality Builders4.966 Reviews
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    0Reply
    • Doug Waco
      Member since 2025 · 2 posts · 1 vote
      1y
      Quote from @Jonathan Klemm:

      No problem @Nicholas D. just shoot me over a PM and I can share the line of credit list.  To be honest, it's probably a little outdated at this point.


      I'll send a PM… interested in the list of lenders who do HELOC on rental property in Chicago area.

      1Reply
  • Joyce Ann MagallanesBusiness Member
    Lender · NY · Member since 2025 · 512 posts · 23 votes
    1y

    Hi Joshua!

    We'd be happy to help you with this. It would be great to understand your strategy so we can align with your long-term goals. A HELOC is one of the easiest products to obtain and can be a powerful tool when used with the right strategy—or vision that you already have.

    [email protected]646-914-9393
    Venture Estate Group LLC525 Reviews
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    0Reply
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