HELOC on Investment Property in Ohio

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HELOC on Investment Property in Ohio

Jake SimonPro Member
Rental Property Investor · Longmont, CO · Member since 2019 · 6 posts · 5 votes

Does anyone have any recommendations on a lender that will do a HELOC on a rental property? I have a property I own outright in the Cleveland, OH area and would like to set up a HELOC on. I've called several banks and came up empty handed. Local or national, it makes no difference to me. I'll keep calling around, but I thought I'd post here to see if anyone has any suggestions.

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Kerry BairdPro Member
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
6y

I've gleaned these lenders from the kind people on BP who have posted their experiences. I have used PenFed and TD Bank for HELOCs on investment property. Post back if you find another lender who serves you well, and I will add them to my list and pay it forward.  I cannot confirm that any bank is lending during the COVID-19 outbreak. 

Ridge Lending All in One, first position HELOC

Americafirst 80% LTV on noo 65% LTV Utah

Arvest Bank AR, OK, AL, MO

Bank of the west

BB&T will loan on a rental portfolio, too

BBVA Compass

Boeing employee credit union

California: Cal Coast Credit Union and Fremont Bank.

Citizens first position HELOC

CMG a financial 70% LTV

East West Bank, up to 60% LTV with "no docs"

Figure 80% on a rental, not in LLC

First Florida Credit Union https://firstflorida.cumortgagecenter.com

Great Lakes Credit Union

HSBC 70%, for premier clients only

Huntington 75% LTV

Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning.

Key Bank, FLorida flexible lender, HELOCs on second homes and rental properties. 90% LTV on primary.

PenFed - max 3 other properties, 89% LTV

Regions- yes HELOC but no LOC

SCCU Florida 70% LTV, 6.25% interest only, not LLC

Sound CU "non-owner occupied HELOC, capped at $150K and interest rates are prime + 2%, 3% or 4%, based on credit, not to exceed 70% ltv."TD Bank

TIAA Direct was EverBank

Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties. Automated appraisal.

Trustco

Union Bank, specializes in noo HELOC. KCMO, NE

Union Bank (MUFG), Specializes in NOO HELOCS Union Bank, MUFG.

US Bank

Vectra Bank

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  • Matt Thompson
    Cleveland, OH · Member since 2014 · 16 posts · 9 votes
    6y

    I have multiple mortgages through Huntington Bank. I don't have a HELOC on any of my rentals, but an employee previously told me that they offer HELOCs on rentals. The interest will be higher than a HELOC on an owner occupied residence.

    1Reply
  • Ryan Mainwaring
    Rental Property Investor · Blacklick, OH · Member since 2016 · 286 posts · 253 votes
    6y

    I have heloc through huntington on my peronsal home but when speaking with them about financing investment properties, they typically tell me they do not like to fund investment properties.  They might have a different view of helocs for them.  

    0Reply
  • Jake SimonPro Member
    OP
    Rental Property Investor · Longmont, CO · Member since 2019 · 6 posts · 5 votes
    6y

    Thanks, I'll give them a call. I bank with Chase and applied through them. In talking to them they said they don't typically do HELOCs on investments but they would send it for review and see if it would be approved. 

    0Reply
  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    6y

    @Jake Simon Huntington Bank did one for me.

    1Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    6y

    I've gleaned these lenders from the kind people on BP who have posted their experiences. I have used PenFed and TD Bank for HELOCs on investment property. Post back if you find another lender who serves you well, and I will add them to my list and pay it forward.  I cannot confirm that any bank is lending during the COVID-19 outbreak. 

    Ridge Lending All in One, first position HELOC

    Americafirst 80% LTV on noo 65% LTV Utah

    Arvest Bank AR, OK, AL, MO

    Bank of the west

    BB&T will loan on a rental portfolio, too

    BBVA Compass

    Boeing employee credit union

    California: Cal Coast Credit Union and Fremont Bank.

    Citizens first position HELOC

    CMG a financial 70% LTV

    East West Bank, up to 60% LTV with "no docs"

    Figure 80% on a rental, not in LLC

    First Florida Credit Union https://firstflorida.cumortgagecenter.com

    Great Lakes Credit Union

    HSBC 70%, for premier clients only

    Huntington 75% LTV

    Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning.

    Key Bank, FLorida flexible lender, HELOCs on second homes and rental properties. 90% LTV on primary.

    PenFed - max 3 other properties, 89% LTV

    Regions- yes HELOC but no LOC

    SCCU Florida 70% LTV, 6.25% interest only, not LLC

    Sound CU "non-owner occupied HELOC, capped at $150K and interest rates are prime + 2%, 3% or 4%, based on credit, not to exceed 70% ltv."TD Bank

    TIAA Direct was EverBank

    Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties. Automated appraisal.

    Trustco

    Union Bank, specializes in noo HELOC. KCMO, NE

    Union Bank (MUFG), Specializes in NOO HELOCS Union Bank, MUFG.

    US Bank

    Vectra Bank

    5Reply
  • Jim PinterPro Member
    Member since 2018 · 19 posts · 3 votes
    6y

    Huntington did one for me but watch out for appraisal values. I would suggest having a private appraisal done first. I lost about 45k in value on the appraisal. 

    0Reply
  • John Ruffaner
    Member since 2020 · 6 posts · 0 votes
    6y

    3rd federal savings and loan might do it they are based in OH however I think they want to be first loan holder so it would need to be paid paid off free and clear also I was told they have a heloc that they will pay a portion or all of the closeing cost I used them on my prime residence vary good rates however the rep I worked with was very vary slow with responding and pushing things along good luck I will be doing this same thing on 2 rentals soon so be sure and post what you figured out thanks

    0Reply
  • Jake SimonPro Member
    OP
    Rental Property Investor · Longmont, CO · Member since 2019 · 6 posts · 5 votes
    6y

    John, I called 3rd Federal a little over a month ago and got a flat out no. I don't have a mortgage with them currently, and given the times they may be more cautious than typical. I just closed on another house and secured a loan on it, so didn't push too hard on the HELOC other than calling about 10 banks. I plan to do another round of calling banks soon to try to secure the HELOC. I'll make sure 3rd Federal is on the list. Maybe I'll talk to a different person who knows the policy better or can explain if there are any special circumstances. I'm going to make it clear that I own the home outright and see if there is any LTV that they would consider. Even if I can take out half of the value, I can do a lot with $110,000 in the area.

    1Reply
  • John Ruffaner
    Member since 2020 · 6 posts · 0 votes
    6y

    Thanks for the feed back Jake I have a HELOC with them however it is with my primary residence and I onley took about 1/3 of what it was worth so i could understand what i can and cant do with HELOC now I'm kicking myself wish i got the wole 80% but I wanted to test it out first I will have 2 houses paid off and 1 duplex I am paying on in 2 years I want to see if I can group those 2 rentals and get 80% of those and buy 3 more keep us updated and GOOD luck

    0Reply
  • Junix Alcayaga
    Architect · Brooklyn, NY · Member since 2020 · 25 posts · 26 votes
    3y

    @Jake Simon Did you ever find a bank in Ohio that would provide a HELOC on an investment property? On a similar search now for our Columbus, OH, and have been using BP threads as resources but most are rated poorly to start. Thanks!

    1Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    3y

    @Junix Alcayaga try KeyBank.

    0Reply
  • Jake SimonPro Member
    OP
    Rental Property Investor · Longmont, CO · Member since 2019 · 6 posts · 5 votes
    3y
    Quote from @Junix Alcayaga:

    @Jake Simon Did you ever find a bank in Ohio that would provide a HELOC on an investment property? On a similar search now for our Columbus, OH, and have been using BP threads as resources but most are rated poorly to start. Thanks!


    0Reply
  • Jake SimonPro Member
    OP
    Rental Property Investor · Longmont, CO · Member since 2019 · 6 posts · 5 votes
    3y
    Quote from @Jake Simon:
    Quote from @Junix Alcayaga:

    @Jake Simon Did you ever find a bank in Ohio that would provide a HELOC on an investment property? On a similar search now for our Columbus, OH, and have been using BP threads as resources but most are rated poorly to start. Thanks!


    I was never able to find a bank to do a HELOC on an investment property.

    0Reply
  • Samuel DioufBusiness Member
    Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
    2y

    Hey Jake, I can share with you a list of lenders in Ohio, who can possibly help with your HELOC.

    [email protected]614-662-1652
    Reafco - Samuel Diouf528 Reviews
    WebsiteView Page
    0Reply
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