Rental Property Investor · Arlington, VA · Member since 2015 · 21 posts · 6 votes
Trying to check in with Northern Virginia (Arlington, Falls Church, Alexandria, Fairfax, etc) or Washington DC/Montgomery county investors to see if you guys had any recommendations on DC area local banks that will do HELOCs on rental properties, the first four or five that I've called have been more than willing to do so on a vacation house or a primary residence, but not on a rental...any ideas are appreciated.
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
6y
I have used TD Bank and PenFed for my HELOCs, but have gleaned this list from the affable people here on BP, who share their experiences. US Bank is also a strong contender, btw. Please post back if you have success with a lender, so I can update my list and share with others. Thanks~!
Ridge Lending All in One, first position HELOC. Americafirst 80% LTV on noo 65% LTV 15 year 5.74%, Utah Arvest Bank AR, OK, AL, MO Bank of the west BB&T will loan on a rental portfolio BBVA Compass Boeing employee credit union California: Cal Coast Credit Union and Fremont Bank. Citizens first position Heloc CMG a financial 70% LTV East West Bank, up to 60% LTV with "no docs” Figure 80% on a rental, not in LLC First Florida Credit Unionhttps://firstflorida.cumortgagecenter.com Great Lakes Credit Union HSBC 70%, for premier clients only Huntington 75% LTV Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning. Key Bank, FLorida flexible lender, HELOCs on second homes and rental properties. 90% LTV on primary. PenFed - max 3 other properties, 89% LTV Regions- yes HELOC but no LOC SCCU Florida 70% LTV, 6.25% interest only, not LLC Sound CU "non-owner occupied HELOC, capped at $150K and interest rates are prime + 2%, 3% or 4%, based on credit, not to exceed 70% ltv.”TD Bank TIAA Direct was EverBank Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties. Automated appraisal. Trustco Union Bank, specializes in noo HELOC. KCMO, NE Union Bank (MUFG), Specializes in NOO HELOCS Union Bank, MUFG. US Bank Vectra Bank
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
6y
I have used TD Bank and PenFed for my HELOCs, but have gleaned this list from the affable people here on BP, who share their experiences. US Bank is also a strong contender, btw. Please post back if you have success with a lender, so I can update my list and share with others. Thanks~!
Ridge Lending All in One, first position HELOC. Americafirst 80% LTV on noo 65% LTV 15 year 5.74%, Utah Arvest Bank AR, OK, AL, MO Bank of the west BB&T will loan on a rental portfolio BBVA Compass Boeing employee credit union California: Cal Coast Credit Union and Fremont Bank. Citizens first position Heloc CMG a financial 70% LTV East West Bank, up to 60% LTV with "no docs” Figure 80% on a rental, not in LLC First Florida Credit Unionhttps://firstflorida.cumortgagecenter.com Great Lakes Credit Union HSBC 70%, for premier clients only Huntington 75% LTV Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning. Key Bank, FLorida flexible lender, HELOCs on second homes and rental properties. 90% LTV on primary. PenFed - max 3 other properties, 89% LTV Regions- yes HELOC but no LOC SCCU Florida 70% LTV, 6.25% interest only, not LLC Sound CU "non-owner occupied HELOC, capped at $150K and interest rates are prime + 2%, 3% or 4%, based on credit, not to exceed 70% ltv.”TD Bank TIAA Direct was EverBank Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties. Automated appraisal. Trustco Union Bank, specializes in noo HELOC. KCMO, NE Union Bank (MUFG), Specializes in NOO HELOCS Union Bank, MUFG. US Bank Vectra Bank
Rental Property Investor · Rockville, MD · Member since 2015 · 59 posts · 22 votes
6y
@Jeff Sadosky depends how many properties you own. TD and pen fed policy only allow you to own 4 properties. Anymore you're out of luck. I'm in the process with secu. Prime + 2 is what I got quoted on. you pay all closing cost and appraisal on subject property. Max heloc is 75% LTV and I don't believe there's a cap or could be 500k. Good luck!
@Jeff Sadosky Penfed are by far the most responsive of all the banks I tried for HELOCs on investment properties. They wouldn't lend to me as I have 4 investment properties. I am going with TD Bank
Rental Property Investor · Arlington, VA · Member since 2015 · 21 posts · 6 votes
5y
To close the loop on this...ended up using Pentagon Federal Credit Union, while they moved slowly given everyone trying to refi, things worked out well, have a HELOC w a solid rate I can now access. Thanks everyone for the guidance.
@Sovat C., with PenFed and TD, I was told that I can not own more than 3 properties. Have you been able to find a lender that does give out a HELOC if you own more than 3 properties. Please advise. Thank you.
Rental Property Investor · Rockville, MD · Member since 2015 · 59 posts · 22 votes
5y
@Koo Sharifi - I was able to do one with SECU since I had more than 3 properties. Easy process even during the height of COVID. I did have to wait until two months for them to open things back up.
Investor · Springfield, VA · Member since 2017 · 6 posts · 4 votes
3y
Hi everyone, I'm seeing some posts from 2020 indicating that Pen Fed credit union will do HELOCs on rentals. Can anybody confirm is they are still offering this service in 2023? Looking for a quick answer if possible before I contact Pen Fed to inquire. Thank you so much!
Hi everyone, I'm seeing some posts from 2020 indicating that Pen Fed credit union will do HELOCs on rentals. Can anybody confirm is they are still offering this service in 2023? Looking for a quick answer if possible before I contact Pen Fed to inquire. Thank you so much!
I can confirm that they are NOT and have not done HELOCs on NOO properties since April 2022. The representative I spoke with did indicate that things change and that at some point in the future they might do them again. I suggest you call PenFed.
Investor · Springfield, VA · Member since 2017 · 6 posts · 4 votes
3y
Thanks, Tchaka. I confirmed and you are correct about PenFed. For what it's worth, I'm hearing that Atlantic Coast Mortgage is in the process of offering HELOCs on investment properties in the near future.
Hi everyone, I'm seeing some posts from 2020 indicating that Pen Fed credit union will do HELOCs on rentals. Can anybody confirm is they are still offering this service in 2023? Looking for a quick answer if possible before I contact Pen Fed to inquire. Thank you so much!
You can try Arlington Community Federal Credit Union. I am working with them now on a HELOC on a rental property.