Obtaining a HELOC for investment properties
12 Replies
Peter Stur
posted 12 months ago
Does anyone know of lender that can do HELOC's for rental properties. I've got strong equity positions with a few different rentals and would like to have access to additional cash, but every lender I've spoken with so far can only do HELOC's for primary residences. A cash-out refi would be the back-up plan, but I'd really prefer to not go that route if I can secure a HELOC instead.
Esete Berhane
replied 12 months ago
@Peter Stur I'm very interested in doing the same. I have read in a couple of form's regarding local banks as well as Penfed doing HELOC for rental properties. I haven't had luck finding local bank one yet (tbh, I haven't looked too much either.) I'm currently in contact with Penfed so keeping finger crossed.
Jennifer Beadles
Real Estate Broker from Seattle, WA
replied 12 months ago
@Peter Stur Not sure where you are located, but I've found that smaller local banks are the best when it comes to HELOCs on investment properties. I have 3 HELOCs on three different properties using 70 LTV. It's a great option to have! I would reach out to some of the smaller more relationship-based banks in your area and see what options they might have.
Peter Stur
replied 12 months ago
Thank you Jennifer. I am located in the Denver area and already tried a few local banks & credit unions with no luck so far. If you know any Colorado banks that can do this please let me know and I'll definitely give them a call.
Matthew Bridge
Investor from Denver, CO
replied 12 months ago
Hey Peter,
I just went through this exercise for my primary, and I googled credit unions in CO and just went down the list. I know most offer it for primary's but I specifically remember talking about investment properties as well. If I am not mistaken it might have been Bellco CU. Its been about a month now and I must have called 50 different CU's so I'm not entirely sure but it is at least a place to start.
Matt M.
Realtor from Denver, CO
replied 12 months ago
Westerra
Connor Riley
from Denver, CO
replied 12 months ago
I'm in denver and was just researching this as well. Bank of the West will do a HELOC on a rental property at 70% LTV. Unfortunately, I need a few more thousand to pay down on my mortgage before I can qualify. Message me and I'll give you my contact at Bank of the West.
Craig Curelop
Real Estate Agent from Denver, CO
replied 12 months ago
@Peter Stur - I just got a HELOC on one of my properties in Denver. I went through Vectra Bank. If you need an intro, let me know! Happy to provide one.
Kathryn M.
Rental Property Investor
replied 12 months ago
questions asked
Problems solved
This is a beautiful thing 😊
Ryan Denman
from Erie, CO
replied 3 months ago
I have used Pentagon Federal Credit Union for up to 80% LTV on rental properties. My property was in Oregon. They are a national bank, so most states should be available.
For Texas or Colorado, check out Security Service Federal Credit Union. I have not done rental properties with them, but have done 100% LTV on primary residences through them.
Good Luck!
Zach Kinney
Lender from Littleton, CO
replied 3 months ago
@Peter Stur FirstBank can do HELOCs on investment properties in CO, and AZ. Typically we will go to 75% LTV. Let me know if I can answer any questions for you.
Eduardo Caballero
replied 3 months ago
Any suggestions for a Nevada Property? I have a Residence with a rental guest house, so I am having trouble finding HELOC options because they consider it multifamily. 2 Single family residences on one lot.
Rico Nasol
Lender from Henderson, NV
replied 3 months ago
@Eduardo Caballero you should try America First CU. They have been great for me.