Any Recommendations for a HELOC Lender in the Phoenix area?

6 Replies

Bought my home in the Scottsdale, AZ area as a foreclosure back in 2009.  Was house hacking for years and now it is kind of a live in flip.  Between the work I have done and the recovery in the market, I have about $200K in equity right now. 

Thinking a HELOC would be a great way to finance an income property. My goal is to buy at least 1-2 income properties in the next year, likely outside of AZ due to the cap rates here.

Assuming the big banks like Wells Fargo will not be nearly as competitive on rates as some of the smaller banks but there are so many options in Phoenix, not too sure where to start.  Any recommendations would be great!  Thank you.

Hi @Ryan Sweeney . It depends what kind of HELOC you're looking for in terms of LTV. There are some that'll do 90% or higher such as Credit Union West, TruWest, and Bankers Trust. Smaller banks and credit unions tend to have a little more flexibility with their terms and rates.

Hey @Bob Okenwa thanks for the quick response. Ideally I would like the most LTV I can get to have more capital to put to work. Have you worked with Credit Union West, TruWest or Bankers Trust? If so, which did you have the best experience with?

@Ryan Sweeney

No prob man. I've talked directly with loan officers at TruWest and CU West and they both seemed ok. Both had DTI limits of 45% but this was last summer around July so things may have changed by now. Also, I believe MidFirst bank goes to 90% as well. TruWest and CU West said they didn't do formal appraisal, but instead assessed your home value via their own value assessing software. I do not work for these banks in any way or am saying choose one over the other, but they're definitely worth calling and getting more info on.

@Bob Okenwa Thanks again.  I'll reach out to each them and see what kind of rates I can get.  Hopefully they will accept photos and other documentation if they are not going to value the home in person.

@Ryan Sweeney

CU West and TruWest had an automated system they used and told me the value of my home right over the phone without any kind of photos from me. CU West seemed to be more in line with what I was expecting and TruWest was way more than what I expected by about 60k. I wasn't mad at all at their valuation lol.

@Bob Okenwa Sounds like something similar to a Zestimate.  I have a 1960's home.  The prices and finish levels differ drastically in the subdivision.  Hopefully they are open to make adjustments if it is low

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here