Investor Friendly PenFed?

7 Replies

Hi! I. Thinking about refinancing my property with PenFed. I'm looking to build a relationship with a investor friendly lender. They seem to have good products, good LTV, and good rates/fees.

Has anyone worked with them and what was your experience?

Thanks!

@Chris Bluem

I'm doing a HELOC on an investment property with them right now. They've been the worst lender I've ever dealt with, though I know this is against their reputation. The processor was(is) completely disorganized, they were VERY slow, didn't know what to look for or ask, would say she asked for documents when she didn't, went on vacation or out of office a week and half before we needed to close by the end of the month, her boss was unresponsive though they finally had someone get back to us, and then they said we missed the close date and need to wait another month. The issues we had could have been resolved weeks ago.

If you have another lender, go with them. I have $50k cash tied up in an investment because PenFed doesn’t know how to process loans.

I had a similar experience. However, I didn't know that there were other investment HELOC lenders at that time.

Thanks for the feedback. @Kerry Baird what other investment HELOC lenders did you find? I saw TD bank offers one but that was the only other I found. I liked that they went up to 80%LTV on primary and investment refis and also had the investment HELOC option. But it sounds like its a terrible experience.

@Nick Belsky I am in South Florida.

@Chris Bluem ,

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 West (BNP Paribas) 60% LTV ELOCs

BB&T will loan on a rental portfolio

BBVA Compass

Bellwether NH and MA 85% to 100%, draw 10 yrs

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

FirstBank CO a and AZ 75% LTV

First Florida Credit Union https://firstflorida.cumortgag...

First Commonwealth

First Midwest, up to 90% Chicago area

First Republic - California

Fulton Bank

GFA Federal Credit Union 10 yr draw, 10 yr repay, MA

Granite State CU, NH 90-100%

Great Lakes Credit Union

Veritex, Texas HELOC

Hanscom FCU, Florida

HSBC 70%, for premier clients only

Horizon, Kalamazoo Michigan

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.

Mountain America Credit Union in Utah, 85% LTV, promo rate of 1.99%

Merchants Bank MN See Pavel Ushakov

PenFed - max 3 other properties, 89% LTV

Quorum Federal Credit Union 80% equity, owned by LLC is OK. 5 year interest only payments. New York State. Tiffany Mazzoccoli. 2021

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 75% line with FICO about 740

TIAA Direct was EverBank

Trustco

Union Bank, specializes in noo HELOC. KCMO, NE

Union Bank, MUFG.

Upstate Bank in Rochester NY, LOC up to 80%

US Bank

Vectra Bank - Colo

Workers Credit Union, MA 80-100%

WSFS...up to 70% on rental

Originally posted by @Patrick O'Fallon :

@Chris Bluem

I'm doing a HELOC on an investment property with them right now. They've been the worst lender I've ever dealt with, though I know this is against their reputation. The processor was(is) completely disorganized, they were VERY slow, didn't know what to look for or ask, would say she asked for documents when she didn't, went on vacation or out of office a week and half before we needed to close by the end of the month, her boss was unresponsive though they finally had someone get back to us, and then they said we missed the close date and need to wait another month. The issues we had could have been resolved weeks ago.

If you have another lender, go with them. I have $50k cash tied up in an investment because PenFed doesn’t know how to process loans.

That's about the what I am experiencing right now. I am giving up and looking for other lenders. I did 2 heloc with them couple years back and it was fine. This time around is just horribly SLOW. 

Updated 20 days ago

Update. I finally got approved and signed closing last week! This Heloc is on my primary though, p+0.5%, ltv 80%, took 4 months. My rental heloc I did few years back was p+1%, ltv 75%, approval was fast tho.

@Patrick O'Fallon and @Jeff Low how long are we talking? and do you think the refi process would be quicker than the HELOC? For Refi, I just cant find anyone else at 80% LTV, so they are attractive. Any other thoughts or recommendations? Thanks!