recommended local lenders in greater Montco, PA?

Question

is anyone willing to share their go-to banks/lenders in this area? My first and third door are here, looking to get a HELOC on one to do some value-ads to the other :)

Greg Kasmer · Answer

@Sandra May - I've used Fulton Bank for a HELOC on investment properties. I haven't found many banks/credit unions looking to do a HELOC on non-owner occupied properties, so I was excited when I found them. Have you begun the process?

Sandra May · Answer

Appreciate the assessment of Figure. I'm not in such urgent need of funds that I can't wait a couple weeks and put in the work :)

Kelli Wilson · Answer

HI Sandra,

I would recommend you take a look at lenders who offer the All in One loan.  It is available on investment properties and offers a ton of benefit to a real estate investor such as yourself.  Good luck....

Erik Estrada · Answer

Have you tried Figure? I have heard they have some very aggressive programs

Erik Estrada · Answer

Good to hear a solid opinion. I only heard of them since a lot of my clients use them for HELOCs. I don't originate any HELOCs, so I would not have a clue what they offer.

Clayton Silva · Answer

Figure has some of the highest rates in the HELOC market.  They only allow a 3 year draw.  Honestly, Figure is a very convenient option for people who need funds in 96 hours or less, but there are quite a few HELOC options that are 1-2% lower rate with 5-10 year draw periods out there.  Just depends on the client goals, but I am not sure I would consider anything Figure does as aggressive relative to the rest of the market.

Clayton Silva · Answer

They are good for what they do, but definitely other options out there.  I have used Figure a ton whenever clients are like "I need money yesterday" because I have closed Figure loans in 48 hours from application.  But for the clients that are clean files, and willing to go through a normal underwrite there are a lot of other better rate; longer draw options out there.

Jay Hurst · Answer

HELOC on investment properties take a decent amount of equity. More then a lot of borrowers think anyway. The reason for this is twofold: 1) Instead of 80% LTV, most investment property HELOC's will only go up to 70%.  2) there are often loan min of 50k or so.

I do have a program that will go to 80% on NOO, but the min loan is 125k.  So, in reality you need just as much equity as a program that only goes to 70% with a smaller min.

Derek Brickley · Answer

Hey Sandra!

Pretty common for sure, and might be biased but happy to go through some options for you to see if that would help.

recommended local lenders in greater Montco, PA?

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