How to get a HELOC on an investment property?
Looking to take out a HELOC on my current duplex rental, the problem is I can't find a bank to do a HELOC for a rental property. Is there any banks that do this, what are my options? Thanks!
@Kevin Reinell I was looking into this today, and PenFed will do it. Check their website.
@Clay O. Thanks I will check it out!
Thanks for the lead @Clay O. I'm looking for the same and just browsed the PenFed website and indeed it seems they offer HELOC on investment properties. It doesn't specify if it's limited to single family or not, however. I also am not sure if I can join, as I'm not in the millitary. I will call tomorrow to try to answer both, unless you have any experience/insight?
@Ricardo Anaya I am not sure on either one of those questions, but would like to know as well.
@Clay O. @Ricardo Anaya
I called them today, it’s easy to join, they can get you started right over the phone, even if you are not military affiliated.
Thank you for the infomation. I will definetly look into this to fund my next deal.
I have called bunches of lenders in my local area. That is my first suggestion.
Secondly, these lenders advertise Investment property HELOCs:
-Trustco
-US Bank
-TD Bank
-PenFed
-Union Bank, specializes in noo HELOC
-Arvest Bank
-Union Bank, Washington Stat
-East West Bank offers HELOC on non-owner occupied investment properties up to 60% LTV with "no docs".
-Utah: Americafirst 80% LTV on noo 65% LTV 15 year 5.74%
-First Florida Credit Union (Jacksonville area)
1.99% for 12 months, 5.25% variable 80% CLTV 20 yr w 10 yr draw
-Hurst Lending and Insurance Investment property HELOC in Texas
-Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties.
@Kerry Baird thanks for the list of options will
Look at all of these suggestions.
Ridge Lending also offers an All in One HELOC, first position lien, with associated checkbook. I've used them for conventional lending on several properties.
@Kerry Baird Thanks for that great list of potential HELOCS on investment properties. I did not know America First in Utah did that on investment properties. That is extremely helpful!
-
Lender
- Intercap Lending
My list has grown much longer. Please PM me for the current organizations that DO offer HELOCs on investment properties.
Quote from @Kerry Baird:@Kerry Baird thanks for the list of options will flow up
I have called bunches of lenders in my local area. That is my first suggestion.
Secondly, these lenders advertise Investment property HELOCs:
-Trustco
-US Bank
-TD Bank
-PenFed
-Union Bank, specializes in noo HELOC
-Arvest Bank
-Union Bank, Washington Stat-East West Bank offers HELOC on non-owner occupied investment properties up to 60% LTV with "no docs".
-Utah: Americafirst 80% LTV on noo 65% LTV 15 year 5.74%
-First Florida Credit Union (Jacksonville area)
1.99% for 12 months, 5.25% variable 80% CLTV 20 yr w 10 yr draw-Hurst Lending and Insurance Investment property HELOC in Texas
-Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties.