@Amber Turner - You'll be better suited looking around your local market for a near by credit union or regional bank. Alternatively Wells Fargo at least used to do this. Can't tell you if they still do nor if their terms would be sufficient for your needs.
@Amber Turner - I've been looking for this and your options are EXTREMELY limited. The one bank I know will do it is TD Bank. I believe the minimum FICO is 685. Other than that, you'll be searching forever. I found an article (I'll look for it) that listed 10 possible lenders and when I pursued all of them. At the end, I was left with 1: TD Bank. Checking with CU's is not a bad idea. A local CU just stared NOO (non-owner occupied) HELOCs.....doesn't help because my place is in another state, however it's nice to know it exists. Good luck!
@Amber Turner
Pended.org
Pentagon federal credit union. Literally the only bank I could find. But you have to meet criteria to even join. I’m in the military so I lucked out.
80% ltv also. Good deal and they do it under a month
@Adam Wigdorski They didn't say why. They just told me today that they dont do HELOCs on Investments and could only do a cash out refi. Maybe I should try again tomorrow.
@Adam Wigdorski It wouldn't have been because I didn't qualify because I didn't even give them any info. I just called and asked if they would do a HELOC on an investment property.
@Darson Grantham - I did, Brad helped me out. It's not technically a HEL, it's a personal bank loan that uses the investment property as backing. What the end result is a bit higher % rate, but lower cost to originate the loan. Seemed pretty fair to me, for how long we'd plan on having it - which isn't too long. It's on an arm that is locked in for 5 years, adjusts every 5 after that.
Not sure if he does loans for out of state or not.
@Amber Turner
Yeah They definetly do them. You can join the credit union for like 25 bucks I think.
https://www.penfed.org/home-equity-center/home-equity-line-of-credit
@Adam Wigdorski I just remembered that one of the companies that I called said that if I owned 4 or more rentals, that they wouldn't do a HELOC on any of them. I think that might have been penfed.
@Amber Turner
Hmmm dunno about that one. I know their max limit they will go spread across properties is 750k. The whole 4 loans doesn’t really make since because they take a second title position
@Amber Turner - I was unaware that TD Bank didn't cover the entire country. BTW, I did not recommend Pentagon Federal for the same reason I didn't add Navy Federal (they were one of the 10 on the list I found)…..both require membership and I didn't know if you'd qualify. I don't, which is a bummer since the home I want to use is in Northern VA. Please share with us once you've found other options.