HELOC on an investment property (Multifamily)

2 Replies

Looking to pull out a HELOC on an investment property. I know most places don't do HELOC on investment but I heard people were able to pull a HELOC on their rental units before. Let me know if you know anyone in Atlanta.


- I called local credit union

- I called local banks

Most places turned me down because of the new Covid policy.

PenFed is where I would start.  I dug into this a while back.  Searching on the forums here, I found a list of about 20 banks/credit unions that do this.  They do have a limit on how many total properties you can own.  PenFed was 4, I believe, some were as high as 6.  I personally know investors that have used PenFed though and had a good experience.

These were largely sourced pre-CV19, so eat the fish and spit out the bones.

The DTI percentage range varies by lender, and is less than what you will find for an owner occupied property, due to lender risk. While qualifying for a HELOC is dependent on your home equity and your credit score, good or excellent credit makes it easier to qualify. A good average to shoot for is 620 or higher. Plus, the better your credit score, the better your interest rate.

Ridge Lending All in One, first position HELOC

AFCU does 80% LTV on NOO. Utah

Americafirst 80% LTV on noo 65% LTV Utah

Arvest Bank AR, OK, AL, MO

Bank of Souther California

Bank of West (BNP Paribas) 60% LTV ELOCs

BB&T will loan on a rental portfolio


Bellwether NH and MA 85% to 100%, draw 10 yrs

BMO Harris, 3 HELOCs to 70% LTV

Boeing employee credit union

California: Cal Coast Credit Union and Fremont Bank

Citizens Bank -Minnesota, only in-state. Kyle Potswald

Citizens first position HELOC

CMG Financial 70% LTV

Consolidated CCU, high LTV NOO LOC, OR, WA

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

Figure 80% on a rental, not in LLC

FirstBank CO and AZ 75% LTV

First Florida Credit Union https://firstflorida.cumortgag...

First Commonwealth

First Midwest, up to 90% Chicago area

First Tech Federal. Up to 80% if FICO is over 780, no appraisal under $250k value.

First Republic - California

Fulton Bank

GFA Federal Credit Union 10 yr draw, 10 yr repay, MA

Granite State CU, NH 90-100%

Great Lakes Credit Union

Hanscom FCU, Florida

HSBC 70%, for premier clients only

Horizon, Kalamazoo Michigan

Huntington 75% LTV 5 yr IO product available. Someone reported 80%…need confirmation

Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning. Bridge, portfolio, foreign national and other specialty loan products.

Key Bank, FLorida flexible lender, HELOCs on second

homes and rental properties. 90% LTV on primary.

Mountain America Credit Union in Utah, Idaho, Montana, Nevada, Arizona, New Mexico. 85% LTV, promo rate of 1.99%. Can refinance an existing mortgage on investment property to a shorter term "Mini Mortgage."

Merchants Bank MN See Pavel Ushakov

Navy Federal 80% LTV

PenFed - max 3 other properties, including primary. 80% LTV, prime + 1%, <4 properties

Quorum Federal Credit Union 80% equity, owned by LLC is OK. No limit on number of properties held. 5 year interest only payments. New York State. Tiffany Mazzoccoli. 2021

Regions- yes HELOC but no LOC

River Bank & Trust, AL

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

SECU NC 65% LTV rate 2.75% Oct 2021

Signature Federal Credit Union 75% LTV

Silvergate Bank

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."

S&T Pennsylvania

TCF Bank

TD Bank 75% line with FICO about 740

TIAA Direct was EverBank

Torrey Pines Bank

Troy Bank & Trust, AL


Union Bank, specializes in noo HELOC. KCMO, NE

Union Bank, MUFG.

Upstate Bank in Rochester NY, LOC up to 80%

US Bank 80%

Vectra Bank - Colo

Veritex, Texas HELOC

WellsFargo 60% LTV

Workers Credit Union, MA 80-100%

WSFS...up to 70% on rental

Zions Bank, Utah

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