HELOCs on non-owner occupied/ investment property

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Rental Property Investor · CO · Member since 2020 · 14 posts · 7 votes
3y

I had to shop for awhile but I found a local lender in Colorado called TBK Bank that does HELOCs on investment properties. 

If you are looking to get a HELOC on your primary residence, most any bank will do that.

Most all lenders allow use of HELOC money for down payments.

Happy passive income seeking!

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  • Rental Property Investor · CO · Member since 2020 · 14 posts · 7 votes
    3y

    I had to shop for awhile but I found a local lender in Colorado called TBK Bank that does HELOCs on investment properties. 

    If you are looking to get a HELOC on your primary residence, most any bank will do that.

    Most all lenders allow use of HELOC money for down payments.

    Happy passive income seeking!

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

    I have had the best luck with local community banks and credit unions. Even some national credit unions and banks may do them. Navy Federal, is an example.  Signature FCU says they work nationwide, or perhaps Spring EQ.

  • New to Real Estate · Las Vegas, NV · Member since 2023 · 62 posts · 16 votes
    3y

    just spoke to the local bank regarding this exact option.  they did offer it but there was a stark difference in rates compared to a heloc on our primary residence.  5.5 for primary, close to 11% plus added fees for the investment property heloc

  • Real Estate Agent · Boise, ID · Member since 2016 · 1k+ posts · 888 votes
    3y

    @Ariel Valenzuela some local banks and CU will, depending who your current loan is with try reaching out to them. As it is a lot easier for 1st position to have a 2nd as well. This also can go back to when getting financing on a deal sometimes the cheapest rate may not be the best long term plan if you can't pull equity out with the same lender.

    Best of luck!

  • Lutherville Timonium, MD · Member since 2015 · 2 posts · 1 vote
    3y

    dennis W from TD Bank does HELOCS for investors

    Dennis.Waskiewicz at td dotcom

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

    Even on a primary, I was on the phone with PenFed today. Rates for 700 FICO 30 year VA was 5.75 and HELOC was double that rate, in the 11% range. I would expect investment HELOCs to be higher than that.

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