Obtaining a HeLoc on a CT rental

14 Replies

Hey BiggerPockets family,

I have a rental property in CT and am looking for a lender to take a HeLoc out on the property. I've called over 40 lenders in the area and still cant seem to find one which will even consider a HeLoc on a rental. They all state that they only give HeLocs on a primary residence. 

Does anyone have experience getting a HeLoc on a rental in CT? Or has anyone figured out a way to demonstrate your rental as your primary residence through some sort of loophole?(I'd imagine this to be risky and time consuming)

FYI: I am out of state but do have properties I can potentially list as a primary residence in CT other than my rental. 

Any information helps and I appreciate your time and consideration!



I was searching for a long time, too. I finally built this list from other here on BP and my own calls. I have used Penfed and TD Bank. 

Ridge Lending All in One
Americafirst 80% LTV on noo 65% LTV 15 year 5.74%, Utah
Arvest Bank
East West Bank, up to 60% LTV with "no docs”
First Florida Credit Union (Jacksonville area)
Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning.
Key Bank, flexible lender, HELOCs on second homes and rental properties. 90% LTV on primary.
LendingTree is a broker, connects you with multiple loan providers, some sub prime. 3 to 5 week for underwriting is a long time.
TD Bank
Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties.
Union Bank, specializes in noo HELOC
US Bank

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@Kerry Baird Thanks so much for taking the time to respond! I really appreciate this list!

I'll have to start calling tomorrow to get some details. 

I am curious though, what are you referring to when you mention a 'noo Heloc'? 



@Ricardo Flores I believe their rates vary depending on if it's your primary residence or an investment property that you need the Heloc on. They are not the cheapest in the business, however everything is automated and done online. I was funded in 7 days, super simple and I like the fixed rate. I was having trouble getting any other lender to do the Heloc on an investment property. If I remember correctly my rate was 7.5 But you can go to the website and answer a few questions and you will get your instant rate quote and amount you can draw. 

@Benjamin Dilg penfed credit union does non owner occupied heloc. Try them out and see

@Alma Mills they may do a HELOC on non-OO but they would not lend to me because I have more than four rental properties, something to be aware of depending on one's portfolio.

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Originally posted by @Ricardo Flores:

@Adam Fiore Thanks Adam. 

@Benjamin Dilg Why HELOC and not Refi? Are you looking for a better interest rate? Or just avaliability to equity?

Looking for a better rate and want to avoid fees on the Refi. Costs more to take out a Refi than it would a Heloc I believe. 

@Benjamin Dilg

Just talked to Webster about some future deals

And they are now offering up to 3 lines of credit.

You can get a line on your primary and two investment properties.

They are having a special on rates

And will lock in 3% on your primary in a year and 4%

On investment properties