HELOC on investment property - Tampa, FL
New York, NY · Member since 2017 · 41 posts · 18 votes
Hello -
I own a rental property in Tampa Florida that has recently seen tremendous appreciation. I am interested in getting a HELOC on the property but am having trouble finding lenders willing to offer a HELOC on an investment property. I have been checking with the local credit unions but have not had any luck.
Does anyone have any feedback or insight on where to look?
thanks,
Try local community bank or credit union for investment properties. TD and US Bank are my best recommendations.
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 largely sourced pre-CV19, so eat the fish and spit out the bones.
The percentage range varies by lender, but expect to only be approved with a DTI ratio of 47% or less. While qualifying for a HELOC is more dependent on your home equity than your credit score, good or excellent credit makes it easier to qualify. A good average to shoot for is 620 or higher. Plus, the better your credit score, the better your interest rate.
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, Idaho, Montana, Nevada, Arizona, New Mexico. 85% LTV, promo rate of 1.99%. Can refinance an existing mortgage on investment property to a shorter term "Mini Mortgage."
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
Zions Bank, Utah
Hi Jacob,
Have you considered exploring a cash out refinance option? Only downside between HELOCs and cash out refis right now is rates on investment properties for refinances and purchases are pretty high compared to recent months/other occupancy types due to the GSE caps that were established. Have you tried looking into Bank of America or Citizens for a HELOC? They tend to have good HELOC options but I'm not sure if they restrict them to primary residence only or not.
-Ashley
Try local community bank or credit union for investment properties. TD and US Bank are my best recommendations.
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 largely sourced pre-CV19, so eat the fish and spit out the bones.
The percentage range varies by lender, but expect to only be approved with a DTI ratio of 47% or less. While qualifying for a HELOC is more dependent on your home equity than your credit score, good or excellent credit makes it easier to qualify. A good average to shoot for is 620 or higher. Plus, the better your credit score, the better your interest rate.
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, Idaho, Montana, Nevada, Arizona, New Mexico. 85% LTV, promo rate of 1.99%. Can refinance an existing mortgage on investment property to a shorter term "Mini Mortgage."
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
Zions Bank, Utah
Try local community bank or credit union for investment properties. TD and US Bank are my best recommendations.
...
Wow, what a list! Thanks Kerry!
I'm in the same boat as the OP; have a rental that now has significant equity. I'd prefer to use a HELOC vs. cash-out refi. If anyone can suggest a lender for Washington state non-owner occupied properties, let me know. Higher LTV is always preferred.
@Paul Doty check out OR Consolidated CU. They have the highest LTV Ive seen on NOO LOCs. https://www.consolidatedccu.co...
@Paul Doty check out OR Consolidated CU. They have the highest LTV Ive seen on NOO LOCs. https://www.consolidatedccu.co...
Thank you for the tip on Consolidated CCU. I just sent them a note.