HELOC/LOC on NOO Duplexes in Wisconsin and Condo in Chicago

Private Lending & Conventional Mortgage Advice
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HELOC/LOC on NOO Duplexes in Wisconsin and Condo in Chicago

Brian Deery
Investor · Chicago, IL · Member since 2016 · 8 posts · 2 votes

Hey all,

Wondering if anybody has recommendations for acquiring a line of credit on some investment duplexes (in Wisconsin) and an investment condo (in Chicago). Needing to tap equity to remodel a home in California. Looking for a lender that will do 80% LTV (I may have to settle for 75%).

I know PenFed does these, but only if you have three mortgages or less (I have 5).  Thanks for any and all help/advice.

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Rebecca KnoxBusiness Member
Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
7y
Bmo Harris Aaron Towns
First Bank Financial Centre Amy V Canada-Sharpe
Huntington Bank James Stojanowski
Port Washington State Bank John Schumacher
Summit Credit Union Kurt Waltenberger
Trustone Credit Union Timothy Osten
Us Bank Gracie Talavera
Captain Save-A-Home LLC
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  • Jake S.
    Rental Property Investor · MN · Member since 2017 · 864 posts · 555 votes
    7y

    Hey Brian! Check out 

    Ridge Lending Group

    https://www.ridgelendinggroup.com/

    They have a new HELOC program that I think is amazing. They can lend nationwide as well.

    1Reply
  • Scott Schultz
    Rental Property Investor · West Bend, WI · Member since 2015 · 931 posts · 598 votes
    7y

    @Jake S. Caeli Ridge told me they cant lend in WI anymore, at lease as of last year. 

    @Brian Deery Most small local banks can do Loans and LOC's like you are looking for on the commercial side, talk to the commercial lender at your local banks.

    0Reply
  • Jake S.
    Rental Property Investor · MN · Member since 2017 · 864 posts · 555 votes
    7y

    @Scott Schultz Oh darn!!

    0Reply
  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    7y
    Bmo Harris Aaron Towns
    First Bank Financial Centre Amy V Canada-Sharpe
    Huntington Bank James Stojanowski
    Port Washington State Bank John Schumacher
    Summit Credit Union Kurt Waltenberger
    Trustone Credit Union Timothy Osten
    Us Bank Gracie Talavera
    Captain Save-A-Home LLC
    WebsiteView Page
    1Reply
  • Brian Deery
    OP
    Investor · Chicago, IL · Member since 2016 · 8 posts · 2 votes
    7y

    @Rebecca Knox are these just people you know of in the area?  Here is the scoop on each:

    Left a message for Aaron Towns on a line that I was told was his, but the voicemail didn't even mention his name.

    Amy Canada-Sharpe was very nice, and didn't know if they could do LOC on NOO, but she got back with me and informed me that it was a "no".

    I don't believe Huntington still does these type of loans.

    I spoke with John Schumacher at Port Washington State Bank and he seemed quite helpful, with a couple options.**

    Kurt Waltenberger does primary loans. Summit does not do LOC on NOO properties. I also asked them about a blanket loan on multiple units, and was told they prefer in-state investors, and then only really do blanket loans on larger apartments, rather than duplexes.

    TIm Osten was very helpful, and forthcoming in their limitations. They can only do 50% LTV on NOO, and have a maximum limit of $100K exposure.

    Gracie Talavera needs to improve her online presence, as searching for Grace or Gracie yields no results with US Bank... luckily I found a number for Ruben Talavera (which got me to someone else in their mortgage department, who told me they don't do LOC on NOO, but gave me Gracie's number for business lending). I left her a message, waiting on call back.

    Does anybody have a good contact at a bank that will offer a Line of Credit on non-owner occupied/investment properties?

    Thanks all.

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  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    7y

    Thanks for the updates. We have a running list of lenders in our private local investment club that we keep notes on and updates so I appreciate you letting me know as banks do change what they offer as far as investment products.  Aaron mentioned at our bank event in January that BMO does lines on rentals--that's why he's on my list to check.  I just found out Huntington was bought out by Associated. Summit was doing lines on rentals--there were several investors in our group who re-fi'd their rentals but yes, I forgot that you are out of state and it sounds like they aren't anymore--Bob was the connection but recently, he left.  Gracie Talavera is a US Bank business banking specialist and actually her husband Ruben works for Cardinal Financial--I noticed out of state investors using lines of credit to buy.   You might also want to check with Teddy Kon at Key Mortgage. 

    Captain Save-A-Home LLC
    WebsiteView Page
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