HELOC on investment property
Member since 2018 · 11 posts · 6 votes
Looking for lenders who you've seen are willing to issue a HELOC (or loan) in 2nd position on an investment property. Most I've seen require 1st lien position on investment properties. Any advice or leads appreciated. Property is in VA.
I have added a few lenders to my list. I've gleaned these lenders from the kind people on BP. I have used PenFed and TD Bank for HELOCs on investment property. Post back if you find another lender who serves you well, and I will add them to my list and pay it forward.
Ridge Lending All in One, first position HELOC
AFCU does 80% LTV on NOO. Utah
Americafirst 80% LTV on noo 65% LTV 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 Bank -Minnesota, only in-state. Kyle Potswald
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 Union https://firstflorida.cumortgagecenter.com
First Commonwealth
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.
Merchants Bank MN See Pavel Ushakov
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."
S&T
TCF Bank
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.
US Bank
Vectra Bank
PenFed did a HELOC on a financed investment for me. It was REALLY hard to find a lender would do that. They are a bit slow and clunky on the communications but we did it!
@Avery Carl. Thank you. Just looked at PenFed. Prime + 1.5% is pricey, but a good backup option. Maybe that's the price I'll have to pay anywhere.
@Peter Kuck it was nearly impossible to find one who would do it on a financed property. That appears to just be the going rate for the risk on the lender side.
I have added a few lenders to my list. I've gleaned these lenders from the kind people on BP. I have used PenFed and TD Bank for HELOCs on investment property. Post back if you find another lender who serves you well, and I will add them to my list and pay it forward.
Ridge Lending All in One, first position HELOC
AFCU does 80% LTV on NOO. Utah
Americafirst 80% LTV on noo 65% LTV 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 Bank -Minnesota, only in-state. Kyle Potswald
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 Union https://firstflorida.cumortgagecenter.com
First Commonwealth
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.
Merchants Bank MN See Pavel Ushakov
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."
S&T
TCF Bank
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.
US Bank
Vectra Bank
@Kerry Baird. This is an incredible list. Thanks for sharing!
Most lenders will issue HELOCs on investment properties, if thats what they specialize in. I'd recommend going around your local community there & finding a credit union that does this!
Looking for lenders who you've seen are willing to issue a HELOC (or loan) in 2nd position on an investment property. Most I've seen require 1st lien position on investment properties. Any advice or leads appreciated. Property is in VA.
DM me, and provide your email address.. I can ask my broker. He has contacts with several lenders.. I am in VA too and so are all my properties.
Prime + 1.25 for a HELOC on an investment property seems incredibly competitive to me.
@Kerry Baird thanks kerry! I will add Union Bank and Trust to my list for kcmo.
@Steven Pesavento, someone posted that an investment HELOC was impossible. That's how I came to make this list. :D
@Peter KuckCheck out Signature Federal Credit Union based out of VA but will lend nationwide at 75% LTV
And Awesome list!!! @Kerry Baird
@Kerry Baird.
This is an incredible list. Thank you so much for sharing. Ill be sure to pass along the favor you gave all BP’ers in the future to someone else!!!
Im having a pretty tough time finding a lender who will approve me for a HELOC right now. I have a lot of equity in 2 properties that id like to tap in to
I see that you are located in Melbourne FL. Do most/all of these lenders work in FL? I see a handful are state specific.
Many of these are referrals from others in their locality, while some lend in regional areas. There are more than a few that lend in Florida. I called every lender in my county in Florida and took notes.
I also have some property in Texas, and couldn't find HELOC lenders for investment properties in that state. This project has snowballed as I find others posting troubles and successes finding lenders that can actually fund.
@Steven Pesavento, someone posted that an investment HELOC was impossible. That's how I came to make this list. :D
They are wrong... I know plenty of people with them.
@Kerry Baird Sorry for the dumb question but what does “noo” mean on your list?
Thank you for it anyways! Super helpful
@Kerry Baird Sorry for the dumb question but what does “noo” mean on your list?
It means "Non-Owner Occupied Matthew. A lot of lenders have no trouble giving a HELOC on a primary residence, but on an investment property its more difficult.
Took me a second to figure it out myself...haha.
@Matt Nico ohhhh got it. Makes sense. Thanks man!!
@Peter Kuck I spent a few hours on this a couple of years ago and found that no one was willing to dip below the 75-80% LTV mark (accumulative 1st and 2nd lien) which I imagine would be even harder in this environment.
If you find anyone, would be a game-changer!
I just got off the phone with PenFed; as of last month, they no longer offer the rental property HELOC loan product..
Try local community bank or credit union for investment properties.TD Bank and US Bank are my best recommendations….PenFed FCU stopped. Navy Federal still will do HELOCs on investment properties. Quorum and Figure are faster lenders.
-40 to 43% DTI is usual limit for most lenders.
-FICO 620 or higher
-Lowes and Home Depot have project loans that you can use instead of a mortgage.
-Fastest way to increase FICO is to cash out refi and pay off credit cards.
Figure is blockchain Heloc provider. Very fast at around 5 days. Yes on second homes. FICO as low as 640. Uses e-notary. Uses AVM instead of full appraisal for value. Must withdraw the full amount, fixed rate for the balance of your loan, must pay origination fee, choose short term of 5 yrs to lock in best rate.
All in One, Ridge Lending, first position HELOC. CMG Financial.
America First Credit Union 80% CLTV UT, ID, OR, NM, AZ, NV at 10.49% in 2023
Arvest Bank AR, OK, AL, MO
Bancorp South, TX HELOCS & Lines of Credit on free and clear houses
BankNewport
Bank of Southern California, CA
Bank of West (BNP Paribas) 60% LTV CA, AZ, ORf
BankRI
BB&T will loan on a rental portfolio
BBVA, now PNC
BECU for OR
Beehive CU, UT
Best Finance www.bestfinance.io No closing costs, fixed rates
Bellwether Community Credit Union, NH and MA 85% to 100%, draw 10 yrs
BMO Harris, 3 HELOCs to 70% LTV
Boeing Employee Credit Union
California Bank and Trust, CA *** confirmed in 2023 ***
Cal Coast Credit Union, CA
Central Pacific Bank, HI
CFSBank will do on LLC, PA
Change Wholesale
Charter Oak FCU, CT
Chelsea Groton Bank, CT IPLOC (investment property LOC)
Citizens Bank -MN
Citizens, first position HELOC
CMG Financial 70% LTV. Advertises downpayment assistance through crowdfunding.
Coastal1, RI
Coastal Federal Bank of NC
Consolidated CCU, high LTV NOO LOC, OR, WA
Community Credit Union Will do HELOC on a rental in Florida.
Connexus Credit Union, PA
Credit Union West, AZ 80% LTV
East West Bank, up to 60% LTV with "no docs" CA, WA, NV, GA, NY, TX and MA. Super easy.
Eastern CT Savings Bank, CT
Fairway Independent mortgage corporation- uses blockchain to close in as few as 5 days. Up to $400k, fixed 5, 10, 15 or 30 year terms with draws after the initial draw. Min FICO of 620 for primary and 680 for investment properties.
Fairwinds will do HELOC on rental property in 2023. 15 year draw, quick approval and fast closing, no application fee and no annual fee.
Family First Funding, HELOC in New Jersey for investments properties.
Figure 80% on a rental, not in LLC. 640 FICO 95% LTV on primary. DTI must be under 50% and they prefer under 43% (not in FL)
Finance of America, 95% CLTV, second home only, 680 FICO, not TX
FirstBank CO and AZ 70% LTV
First Citizens
First Commonwealth
First Florida Credit Union FL
First Midwest, IL up to 90% Chicago area
First Republic - CA
First State Bank of LeCenter Minneapolis, MN
First Tech Federal. OR and other Western states. Up to 80% if FICO is over 780, no appraisal under $250k value.
Fremont Bank- up to 60% CA, Sacramento area
Frost Bank - TX. Great for HELOCs in TX
Fulton Bank, PA, NJ to 75% LTV
GFA Federal Credit Union 10 yr draw, 10 yr repay, MA, NH
Golden1 California HELOC Sacramento Valley
Golden West Credit Union, Salt Lake UTj
Granite State CU, NH 90-100%
Great Lakes Credit Union, Chicago area IL
GTE Financial, Tampa, Sarasota area FL w 2 yrs tax history on property
Hanscom FCU, not TX or NY
HarborOne, RI
HSBC 70%, for premier clients only. FL, NY, MD, CA, VA, NJ,
Horizon Bank, Kalamazoo MI
Hughes Federal Credit Union
Huntington MI 75% LTV 5 yr IO product available. Someone reported 80%…need confirmation
Hurst Lending. Texas. No seasoning. Bridge, portfolio, foreign national and other specialty loan products.
KeyBank, flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary. BLOC FL, CO, OH, UT, ID
Lafayette Ambassador Bank is now Fulton Bank
Langley FCU 70% LTV
Leominster CU in 2023, MA (Hanscom FCU will do on primary, not investment)
Loan Depot supposed to have new HELOC product.
Lumen Mortgage (CA and OR), Agricultural lending
Merchants Bank MN Indiana 1st lien offered on primary, second homes and investment properties.
Mid-Hudson Valley FCU
Mountain America CU Utah, ID, MT, NV, AZ, NM. 85% LTV, promo rate of 1.99%. Can refi an existing mortgage to a shorter term "Mini Mortgage." Salt Lake (also Zions)
Navy Federal 80% LTV LONG draw period of 20 years, and 20 year repayment
Nevada State Bank, in first position
Norway Savings Bank, Maine
Omaha Mortgage
One Nevada Credit Union
Oregonians CU - OR
PenFed - Stopped
Peoples Bank of NC
Pioneer Bank, MN
PNC Bank on primary and secondary (2nd homes) must be in personal name and 50% DTI is required.
PSECU up to 80%
Quorum Federal Credit Union 80% LTV, owned by LLC is OK. Very flexible lender. NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period. FICO at least 680. Not in Texas. ***one investor said her line was reduced in Nov22 ***
Red Canoe Credit Union, WA OR
Regions
Renofi Purposed for ADU financing
River Bank & Trust, AL
Rivermark Credit Union, OR 90% LTV
Savannah Bank in NY, call it commercial LOC, up to 75% LTV.
SCCU Florida 80% LTV, 2.75% first year promo, not LLC
SECU NC 65% LTV rate 2.75% Oct 2021
***Signature Federal Credit Union 80% LTV to 100% LTV (100% on primary residence). All States. Fixed rate in Texas. 75% for NOO properties.
Silvergate Bank, CA
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." CT
SouthEast Bank TN
Spring EQ will do a HE Loan on an investment up to 95%. Up to $500k. FICO 640 + DTI 50% or better. Set to be acquired by Cerberus
Symmetry
S&T Bank, PA
TBK Bank, CO, NM, KS
TCF Bank, FL, GA
TD Bank 75% line with FICO about 740. Up to 4 properties. PA, FL
Torrey Pines Bank, see also Western Alliance Bank Corp. Commercial real estate solutions for developers, home builders.
Triangle CU, NH 80% LTV
Troy Bank & Trust, AL
Trustco Bank, FL, NY, NJ, MA, VT. Paused offering HELOCs.
Trustmark Bank, TX. Call it a LOC rather than a HELOC
UCCU, UT
Umpqua Bank 80 LTV
Union Bank, specializes in noo HELOC. KCMO, NE., MUFG.
University Credit Union, UT
Univest Bank, $100k per line and 10 yr draw
Upstate Bank in Rochester NY, LOC up to 80%
US Bank 80%. “Business equity line of credit: Use Real Estate as Equity” up to $500k, interest only. Gather your business and personal tax returns, financial statements, articles of incorporation and other legal documents.”
Vectra Bank - Colo
Veritex, TX HELOC
Victory Bank, portfolio lender, community bank. Can close in an entity. PA
Webster Bank, CT, RI
WAFD Bank. Origination fee 1% or $700. Can be in an LLC, max 75% LTV. WA, OR, UT, NV, ID, NM, AZ, TX. All-in-One construction loan, too. They don't sell, assign, or transfer the loan.
WellsFargo 60% LTV Up to 5 properties.
Workers Credit Union, MA 80-100%
WSFS...up to 70% on rental
Zions Bank, Utah. Call it HECL
High primary, not investment, HELOC:
Spring EQ 97.5% and fast, at 11 days
Figure - FAST around one week, automatic valuation, draw entire amount at once.
Foreign national: Civic 80% LTV for cash out. 5/1, 7/1 and 10/1 interest only ARMS. 1 to 2 year bridge loan. Fund in 5. To 10 business days; can finance the rehab.
SMALL BALANCE HELOC ON PRIMARY
US Bank 15k to $750k 10 year draw. Requires high FICO 730 and LTV 70% or less
PenFed Best Credit Union $25 to $500k 10 yr draw. Up to 90% LTV.
Bank of America, low fee. $25k to $1 million, 10 year draw. HUGE line
PNC Bank best for small home improvements $10k up. 7 to 10 yr draw.
TD Bank from $8 k up. Can go from $25 to $500k…large line.
Frost Bank, in Texas only.
Try local community bank or credit union for investment properties.TD Bank and US Bank are my best recommendations….PenFed FCU stopped. Navy Federal still will do HELOCs on investment properties. Quorum and Figure are faster lenders.
-40 to 43% DTI is usual limit for most lenders.
-FICO 620 or higher
-Lowes and Home Depot have project loans that you can use instead of a mortgage.
-Fastest way to increase FICO is to cash out refi and pay off credit cards.
Figure is blockchain Heloc provider. Very fast at around 5 days. Yes on second homes. FICO as low as 640. Uses e-notary. Uses AVM instead of full appraisal for value. Must withdraw the full amount, fixed rate for the balance of your loan, must pay origination fee, choose short term of 5 yrs to lock in best rate.
All in One, Ridge Lending, first position HELOC. CMG Financial.
America First Credit Union 80% CLTV UT, ID, OR, NM, AZ, NV at 10.49% in 2023
Arvest Bank AR, OK, AL, MO
Bancorp South, TX HELOCS & Lines of Credit on free and clear houses
BankNewport
Bank of Southern California, CA
Bank of West (BNP Paribas) 60% LTV CA, AZ, ORf
BankRI
BB&T will loan on a rental portfolio
BBVA, now PNC
BECU for OR
Beehive CU, UT
Best Finance www.bestfinance.io No closing costs, fixed rates
Bellwether Community Credit Union, NH and MA 85% to 100%, draw 10 yrs
BMO Harris, 3 HELOCs to 70% LTV
Boeing Employee Credit Union
California Bank and Trust, CA *** confirmed in 2023 ***
Cal Coast Credit Union, CA
Central Pacific Bank, HI
CFSBank will do on LLC, PA
Change Wholesale
Charter Oak FCU, CT
Chelsea Groton Bank, CT IPLOC (investment property LOC)
Citizens Bank -MN
Citizens, first position HELOC
CMG Financial 70% LTV. Advertises downpayment assistance through crowdfunding.
Coastal1, RI
Coastal Federal Bank of NC
Consolidated CCU, high LTV NOO LOC, OR, WA
Community Credit Union Will do HELOC on a rental in Florida.
Connexus Credit Union, PA
Credit Union West, AZ 80% LTV
East West Bank, up to 60% LTV with "no docs" CA, WA, NV, GA, NY, TX and MA. Super easy.
Eastern CT Savings Bank, CT
Fairway Independent mortgage corporation- uses blockchain to close in as few as 5 days. Up to $400k, fixed 5, 10, 15 or 30 year terms with draws after the initial draw. Min FICO of 620 for primary and 680 for investment properties.
Fairwinds will do HELOC on rental property in 2023. 15 year draw, quick approval and fast closing, no application fee and no annual fee.
Family First Funding, HELOC in New Jersey for investments properties.
Figure 80% on a rental, not in LLC. 640 FICO 95% LTV on primary. DTI must be under 50% and they prefer under 43% (not in FL)
Finance of America, 95% CLTV, second home only, 680 FICO, not TX
FirstBank CO and AZ 70% LTV
First Citizens
First Commonwealth
First Florida Credit Union FL
First Midwest, IL up to 90% Chicago area
First Republic - CA
First State Bank of LeCenter Minneapolis, MN
First Tech Federal. OR and other Western states. Up to 80% if FICO is over 780, no appraisal under $250k value.
Fremont Bank- up to 60% CA, Sacramento area
Frost Bank - TX. Great for HELOCs in TX
Fulton Bank, PA, NJ to 75% LTV
GFA Federal Credit Union 10 yr draw, 10 yr repay, MA, NH
Golden1 California HELOC Sacramento Valley
Golden West Credit Union, Salt Lake UTj
Granite State CU, NH 90-100%
Great Lakes Credit Union, Chicago area IL
GTE Financial, Tampa, Sarasota area FL w 2 yrs tax history on property
Hanscom FCU, not TX or NY
HarborOne, RI
HSBC 70%, for premier clients only. FL, NY, MD, CA, VA, NJ,
Horizon Bank, Kalamazoo MI
Hughes Federal Credit Union
Huntington MI 75% LTV 5 yr IO product available. Someone reported 80%…need confirmation
Hurst Lending. Texas. No seasoning. Bridge, portfolio, foreign national and other specialty loan products.
KeyBank, flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary. BLOC FL, CO, OH, UT, ID
Lafayette Ambassador Bank is now Fulton Bank
Langley FCU 70% LTV
Leominster CU in 2023, MA (Hanscom FCU will do on primary, not investment)
Loan Depot supposed to have new HELOC product.
Lumen Mortgage (CA and OR), Agricultural lending
Merchants Bank MN Indiana 1st lien offered on primary, second homes and investment properties.
Mid-Hudson Valley FCU
Mountain America CU Utah, ID, MT, NV, AZ, NM. 85% LTV, promo rate of 1.99%. Can refi an existing mortgage to a shorter term "Mini Mortgage." Salt Lake (also Zions)
Navy Federal 80% LTV LONG draw period of 20 years, and 20 year repayment
Nevada State Bank, in first position
Norway Savings Bank, Maine
Omaha Mortgage
One Nevada Credit Union
Oregonians CU - OR
PenFed - Stopped
Peoples Bank of NC
Pioneer Bank, MN
PNC Bank on primary and secondary (2nd homes) must be in personal name and 50% DTI is required.
PSECU up to 80%
Quorum Federal Credit Union 80% LTV, owned by LLC is OK. Very flexible lender. NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period. FICO at least 680. Not in Texas. ***one investor said her line was reduced in Nov22 ***
Red Canoe Credit Union, WA OR
Regions
Renofi Purposed for ADU financing
River Bank & Trust, AL
Rivermark Credit Union, OR 90% LTV
Savannah Bank in NY, call it commercial LOC, up to 75% LTV.
SCCU Florida 80% LTV, 2.75% first year promo, not LLC
SECU NC 65% LTV rate 2.75% Oct 2021
***Signature Federal Credit Union 80% LTV to 100% LTV (100% on primary residence). All States. Fixed rate in Texas. 75% for NOO properties.
Silvergate Bank, CA
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." CT
SouthEast Bank TN
Spring EQ will do a HE Loan on an investment up to 95%. Up to $500k. FICO 640 + DTI 50% or better. Set to be acquired by Cerberus
Symmetry
S&T Bank, PA
TBK Bank, CO, NM, KS
TCF Bank, FL, GA
TD Bank 75% line with FICO about 740. Up to 4 properties. PA, FL
Torrey Pines Bank, see also Western Alliance Bank Corp. Commercial real estate solutions for developers, home builders.
Triangle CU, NH 80% LTV
Troy Bank & Trust, AL
Trustco Bank, FL, NY, NJ, MA, VT. Paused offering HELOCs.
Trustmark Bank, TX. Call it a LOC rather than a HELOC
UCCU, UT
Umpqua Bank 80 LTV
Union Bank, specializes in noo HELOC. KCMO, NE., MUFG.
University Credit Union, UT
Univest Bank, $100k per line and 10 yr draw
Upstate Bank in Rochester NY, LOC up to 80%
US Bank 80%. “Business equity line of credit: Use Real Estate as Equity” up to $500k, interest only. Gather your business and personal tax returns, financial statements, articles of incorporation and other legal documents.”
Vectra Bank - Colo
Veritex, TX HELOC
Victory Bank, portfolio lender, community bank. Can close in an entity. PA
Webster Bank, CT, RI
WAFD Bank. Origination fee 1% or $700. Can be in an LLC, max 75% LTV. WA, OR, UT, NV, ID, NM, AZ, TX. All-in-One construction loan, too. They don't sell, assign, or transfer the loan.
WellsFargo 60% LTV Up to 5 properties.
Workers Credit Union, MA 80-100%
WSFS...up to 70% on rental
Zions Bank, Utah. Call it HECL
High primary, not investment, HELOC:
Spring EQ 97.5% and fast, at 11 days
Figure - FAST around one week, automatic valuation, draw entire amount at once.
Foreign national: Civic 80% LTV for cash out. 5/1, 7/1 and 10/1 interest only ARMS. 1 to 2 year bridge loan. Fund in 5. To 10 business days; can finance the rehab.
SMALL BALANCE HELOC ON PRIMARY
US Bank 15k to $750k 10 year draw. Requires high FICO 730 and LTV 70% or less
PenFed Best Credit Union $25 to $500k 10 yr draw. Up to 90% LTV.
Bank of America, low fee. $25k to $1 million, 10 year draw. HUGE line
PNC Bank best for small home improvements $10k up. 7 to 10 yr draw.
TD Bank from $8 k up. Can go from $25 to $500k…large line.
Frost Bank, in Texas only.
What a list! Awesome
Try local community bank or credit union for investment properties.TD Bank and US Bank are my best recommendations….PenFed FCU stopped. Navy Federal still will do HELOCs on investment properties. Quorum and Figure are faster lenders.
-40 to 43% DTI is usual limit for most lenders.
-FICO 620 or higher
-Lowes and Home Depot have project loans that you can use instead of a mortgage.
-Fastest way to increase FICO is to cash out refi and pay off credit cards.
Figure is blockchain Heloc provider. Very fast at around 5 days. Yes on second homes. FICO as low as 640. Uses e-notary. Uses AVM instead of full appraisal for value. Must withdraw the full amount, fixed rate for the balance of your loan, must pay origination fee, choose short term of 5 yrs to lock in best rate.
All in One, Ridge Lending, first position HELOC. CMG Financial.
America First Credit Union 80% CLTV UT, ID, OR, NM, AZ, NV at 10.49% in 2023
Arvest Bank AR, OK, AL, MO
Bancorp South, TX HELOCS & Lines of Credit on free and clear houses
BankNewport
Bank of Southern California, CA
Bank of West (BNP Paribas) 60% LTV CA, AZ, ORf
BankRI
BB&T will loan on a rental portfolio
BBVA, now PNC
BECU for OR
Beehive CU, UT
Best Finance www.bestfinance.io No closing costs, fixed rates
Bellwether Community Credit Union, NH and MA 85% to 100%, draw 10 yrs
BMO Harris, 3 HELOCs to 70% LTV
Boeing Employee Credit Union
California Bank and Trust, CA *** confirmed in 2023 ***
Cal Coast Credit Union, CA
Central Pacific Bank, HI
CFSBank will do on LLC, PA
Change Wholesale
Charter Oak FCU, CT
Chelsea Groton Bank, CT IPLOC (investment property LOC)
Citizens Bank -MN
Citizens, first position HELOC
CMG Financial 70% LTV. Advertises downpayment assistance through crowdfunding.
Coastal1, RI
Coastal Federal Bank of NC
Consolidated CCU, high LTV NOO LOC, OR, WA
Community Credit Union Will do HELOC on a rental in Florida.
Connexus Credit Union, PA
Credit Union West, AZ 80% LTV
East West Bank, up to 60% LTV with "no docs" CA, WA, NV, GA, NY, TX and MA. Super easy.
Eastern CT Savings Bank, CT
Fairway Independent mortgage corporation- uses blockchain to close in as few as 5 days. Up to $400k, fixed 5, 10, 15 or 30 year terms with draws after the initial draw. Min FICO of 620 for primary and 680 for investment properties.
Fairwinds will do HELOC on rental property in 2023. 15 year draw, quick approval and fast closing, no application fee and no annual fee.
Family First Funding, HELOC in New Jersey for investments properties.
Figure 80% on a rental, not in LLC. 640 FICO 95% LTV on primary. DTI must be under 50% and they prefer under 43% (not in FL)
Finance of America, 95% CLTV, second home only, 680 FICO, not TX
FirstBank CO and AZ 70% LTV
First Citizens
First Commonwealth
First Florida Credit Union FL
First Midwest, IL up to 90% Chicago area
First Republic - CA
First State Bank of LeCenter Minneapolis, MN
First Tech Federal. OR and other Western states. Up to 80% if FICO is over 780, no appraisal under $250k value.
Fremont Bank- up to 60% CA, Sacramento area
Frost Bank - TX. Great for HELOCs in TX
Fulton Bank, PA, NJ to 75% LTV
GFA Federal Credit Union 10 yr draw, 10 yr repay, MA, NH
Golden1 California HELOC Sacramento Valley
Golden West Credit Union, Salt Lake UTj
Granite State CU, NH 90-100%
Great Lakes Credit Union, Chicago area IL
GTE Financial, Tampa, Sarasota area FL w 2 yrs tax history on property
Hanscom FCU, not TX or NY
HarborOne, RI
HSBC 70%, for premier clients only. FL, NY, MD, CA, VA, NJ,
Horizon Bank, Kalamazoo MI
Hughes Federal Credit Union
Huntington MI 75% LTV 5 yr IO product available. Someone reported 80%…need confirmation
Hurst Lending. Texas. No seasoning. Bridge, portfolio, foreign national and other specialty loan products.
KeyBank, flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary. BLOC FL, CO, OH, UT, ID
Lafayette Ambassador Bank is now Fulton Bank
Langley FCU 70% LTV
Leominster CU in 2023, MA (Hanscom FCU will do on primary, not investment)
Loan Depot supposed to have new HELOC product.
Lumen Mortgage (CA and OR), Agricultural lending
Merchants Bank MN Indiana 1st lien offered on primary, second homes and investment properties.
Mid-Hudson Valley FCU
Mountain America CU Utah, ID, MT, NV, AZ, NM. 85% LTV, promo rate of 1.99%. Can refi an existing mortgage to a shorter term "Mini Mortgage." Salt Lake (also Zions)
Navy Federal 80% LTV LONG draw period of 20 years, and 20 year repayment
Nevada State Bank, in first position
Norway Savings Bank, Maine
Omaha Mortgage
One Nevada Credit Union
Oregonians CU - OR
PenFed - Stopped
Peoples Bank of NC
Pioneer Bank, MN
PNC Bank on primary and secondary (2nd homes) must be in personal name and 50% DTI is required.
PSECU up to 80%
Quorum Federal Credit Union 80% LTV, owned by LLC is OK. Very flexible lender. NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period. FICO at least 680. Not in Texas. ***one investor said her line was reduced in Nov22 ***
Red Canoe Credit Union, WA OR
Regions
Renofi Purposed for ADU financing
River Bank & Trust, AL
Rivermark Credit Union, OR 90% LTV
Savannah Bank in NY, call it commercial LOC, up to 75% LTV.
SCCU Florida 80% LTV, 2.75% first year promo, not LLC
SECU NC 65% LTV rate 2.75% Oct 2021
***Signature Federal Credit Union 80% LTV to 100% LTV (100% on primary residence). All States. Fixed rate in Texas. 75% for NOO properties.
Silvergate Bank, CA
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." CT
SouthEast Bank TN
Spring EQ will do a HE Loan on an investment up to 95%. Up to $500k. FICO 640 + DTI 50% or better. Set to be acquired by Cerberus
Symmetry
S&T Bank, PA
TBK Bank, CO, NM, KS
TCF Bank, FL, GA
TD Bank 75% line with FICO about 740. Up to 4 properties. PA, FL
Torrey Pines Bank, see also Western Alliance Bank Corp. Commercial real estate solutions for developers, home builders.
Triangle CU, NH 80% LTV
Troy Bank & Trust, AL
Trustco Bank, FL, NY, NJ, MA, VT. Paused offering HELOCs.
Trustmark Bank, TX. Call it a LOC rather than a HELOC
UCCU, UT
Umpqua Bank 80 LTV
Union Bank, specializes in noo HELOC. KCMO, NE., MUFG.
University Credit Union, UT
Univest Bank, $100k per line and 10 yr draw
Upstate Bank in Rochester NY, LOC up to 80%
US Bank 80%. “Business equity line of credit: Use Real Estate as Equity” up to $500k, interest only. Gather your business and personal tax returns, financial statements, articles of incorporation and other legal documents.”
Vectra Bank - Colo
Veritex, TX HELOC
Victory Bank, portfolio lender, community bank. Can close in an entity. PA
Webster Bank, CT, RI
WAFD Bank. Origination fee 1% or $700. Can be in an LLC, max 75% LTV. WA, OR, UT, NV, ID, NM, AZ, TX. All-in-One construction loan, too. They don't sell, assign, or transfer the loan.
WellsFargo 60% LTV Up to 5 properties.
Workers Credit Union, MA 80-100%
WSFS...up to 70% on rental
Zions Bank, Utah. Call it HECL
High primary, not investment, HELOC:
Spring EQ 97.5% and fast, at 11 days
Figure - FAST around one week, automatic valuation, draw entire amount at once.
Foreign national: Civic 80% LTV for cash out. 5/1, 7/1 and 10/1 interest only ARMS. 1 to 2 year bridge loan. Fund in 5. To 10 business days; can finance the rehab.
SMALL BALANCE HELOC ON PRIMARY
US Bank 15k to $750k 10 year draw. Requires high FICO 730 and LTV 70% or less
PenFed Best Credit Union $25 to $500k 10 yr draw. Up to 90% LTV.
Bank of America, low fee. $25k to $1 million, 10 year draw. HUGE line
PNC Bank best for small home improvements $10k up. 7 to 10 yr draw.
TD Bank from $8 k up. Can go from $25 to $500k…large line.
Frost Bank, in Texas only.
Great list!!! Any chance you would know if these lenders do HELOCs on rental properties with two ADUs?
@Gerardo Fonseca Jr, if you live on the property you will find it easier to get financing. I would pull my own credit and call the local lenders, and ask them what terms are available on a 3 unit owner occupied residence, with a FICO score of ###