Updated over 5 years ago on . Most recent reply
Penfed HELOC experience
I'm interested in opening a HELOC account on my rental in WA to fund my next deal. The rental property is owned free and clear, so I'm looking for a LTV >= 75%. After asking around, it seems PenFed is the only bank/CU that allows a high LTV on rentals. But since there's no PenFed branch in WA, I'd like to understand the process to avoid potential delay when I need to draw. If you have used PenFed in the past, could you share your experience, majorly these two aspects below. Thank you!
- How long does it take to close? Did you experience unexpected delay?
- If I don't draw the line at closing, can I wire the large amount through wire by calling them? Can you directly wire from the HELOC account to the escrow account?