Rental Property HELOC.......Is it possible?

Question

I'm an experiences investor who has built a portfolio based on buying houses with cash. I have one house that has a mortgage, and that home has the most equity in it in my portfolio. I don't want to fully refinance the house because I don't want to restart that mortgage clock, but I know that I can do more deals by tapping into the equity.

I've contacted various banks/lenders and they are not budging on granting a HELOC because they want to be in first lien position.

I have a couple questions:

1. Is it refi or bust for me?2. Any banks/lenders you'd recommend?3. Any advice on next steps?

Thanks in advance.

Kerry Baird · Answer

Investment property HELOC lenders are out there.

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. These were all sourced pre-CV19, so eat the fish and spit out the bones.

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

Bank of West (BNP Paribas) 60% LTV ELOCs

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.cumortgag...

First Commonwealth

First Midwest, up to 90% Chicago area

First Republic - California

Great Lakes Credit Union

Veritex , Texas HELOC

HSBC 70%, for premier clients only

Huntington 75% LTV 5 yr IO product available

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

Qurorum Federal Credit Union 80% equity, owned by LLC is OK. 5 year interest only payments. Tiffany Mazzoccoli.

Regions- yes HELOC but no LOC

SCCU Florida 70% LTV, 6.25% interest only, not LLC

Signature Federal Credit Union 75% LTV

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

Trustco

Union Bank, specializes in noo HELOC. KCMO, NE

Union Bank, MUFG.

US Bank

Vectra Bank

WSFS...up to 70% on rental

VK Badrinath · Answer

Hello All!

Just HELOC'd my Florida beach condo (Sarasota area) with PenFed in June!

Pretty painless...Started in early May, closed by the third week in June.

Good luck!

Kesete Thompkins · Answer

@ Kerry Baird, THANK YOU for such a thorough recommendation. I've tried TD, Citizens, US Bank, and PNC to no avail. I'll get back on my game in looking at some of these other resources. My properties are in PA, so I'm hoping that one of them can play ball.

Thanks again. This was very helpful.

Collin Chan · Answer

Great list! Thanks for compiling as it's very helpful for all of us to tap into that equity to leverage for more properties.

Andies Shepherd · Answer

@Andies Shepherd “THE WOMEN”

Andies Shepherd · Answer

@Kerry Baird. Your the man thanks for sharing! “Eat the fish and spit out the bones”. Love it!

Rental Property HELOC.......Is it possible?

Rental Property HELOC.......Is it possible?

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