HELOCs on Investment Properties

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HELOCs on Investment Properties

Kat Rathell
Rental Property Investor 路 Milwaukee, WI 路 Member since 2019 路 88 posts 路 49 votes

Any advice on obtaining a HELOC on an investment property in the current lending climate? Mortgage rates on investment properties are higher now than last fall! And I would know, because we did a cash out refi last year at the same time.

If you know of any WI or nationwide lenders doing IP HELOCs, please, share!

Thanks in advance!

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Kerry BairdPro Member
Rental Property Investor 路 Melbourne, FL 路 Member since 2011 路 3k+ posts 路 2k+ votes
6y

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

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

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.cumortgagecenter.com

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 Pennsylvania

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

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  • Kerry BairdPro Member
    Rental Property Investor 路 Melbourne, FL 路 Member since 2011 路 3k+ posts 路 2k+ votes
    6y

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

    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

    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.cumortgagecenter.com

    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 Pennsylvania

    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

    8Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor 路 Chicago, IL 路 Member since 2016 路 4k+ posts 路 2k+ votes
    6y

    @Kerry Baird - Thanks for sharing that is an awesome list.  Do you have contacts at each bank or have this in excel?

    [email protected]
    Quality Builders4.966 Reviews
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    2Reply
  • Tom Shallcross
    Rental Property Investor 路 Chicago 路 Member since 2018 路 613 posts 路 1k+ votes
    6y

    Thanks for curating this. Also "eat the fish, spit out the bones" is just great general advise and a highly underutilized term. 

    1Reply
  • Kat Rathell
    OP
    Rental Property Investor 路 Milwaukee, WI 路 Member since 2019 路 88 posts 路 49 votes
    6y

    US Bank is out - no HELOCs on investment properties at the moment :(

    1Reply
  • Kerry BairdPro Member
    Rental Property Investor 路 Melbourne, FL 路 Member since 2011 路 3k+ posts 路 2k+ votes
    6y

    @Kat Rathell, I spoke to TD and asked them yesterday.  Perhaps you can find a branch near you? Thanks for updating me on US Bank.  

    0Reply
  • Kat Rathell
    OP
    Rental Property Investor 路 Milwaukee, WI 路 Member since 2019 路 88 posts 路 49 votes
    6y
    Originally posted by @Kerry Baird:

    @Kat Rathell, I spoke to TD and asked them yesterday.  Perhaps you can find a branch near you? Thanks for updating me on US Bank.  

    Thank you! I will be calling them! 

    0Reply
  • Kat Rathell
    OP
    Rental Property Investor 路 Milwaukee, WI 路 Member since 2019 路 88 posts 路 49 votes
    6y

    Update: TD Bank does not work with out-of-state customers. AAAAAnd the search continues.

    On the bright side, Marine Credit Union in WI seems to have a HELOC option for investment properties. Waiting for a call-back from them.

    0Reply
  • Sovat C.
    Rental Property Investor 路 Rockville, MD 路 Member since 2015 路 59 posts 路 22 votes
    5y

    @Kerry Baird DO you know any banks that will allow more than 1 HELOC? I wonder is there caps on the number helocs you can have on investment properties? Let's say you have 3 homes free and clear or with low LTV.

    0Reply
  • Kerry BairdPro Member
    Rental Property Investor 路 Melbourne, FL 路 Member since 2011 路 3k+ posts 路 2k+ votes
    5y

    @Sovat C., I called all of the lenders in my county. All of them. And I asked if they would do a mortgage with my FICO that I pulled on my own, and explained the situation. If they said no, I asked for a recommendation for someone else.
    I also called local title companies and asked them what lenders were actually closing mortgages.

    0Reply
  • Justin Lee
    Realtor 路 Atlanta, GA 路 Member since 2018 路 103 posts 路 28 votes
    5y

    @Kerry Baird I will try these. Thanks

    1Reply
  • Joe Edwards
    Investor 路 Northern New Jersey 路 Member since 2020 路 94 posts 路 96 votes
    5y

    @Kerry Baird

    Right on great share Kerry!!! 馃憡馃徑

    1Reply
  • Justin Lee
    Realtor 路 Atlanta, GA 路 Member since 2018 路 103 posts 路 28 votes
    4y

    Update closed out with Penfed a few months back thanks Kerry

    0Reply
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