Need Lender who does HELOCs on Investment Property

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Need Lender who does HELOCs on Investment Property

Joy Williams
Rental Property Investor · Chicago, IL · Member since 2016 · 30 posts · 12 votes

Hi BP,

Does anyone know of a lender who does HELOCs on investment property?  I haven't had any luck in finding one. Thanks!

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  • Leland Barrow
    Investor · San Marcos, TX · Member since 2015 · 272 posts · 360 votes
    10y
    That would probably be a LOC not a HELOC. You may find it easier to go with whoever is in first position. If you own it outright then try a local bank. You may have to make a lot of phone calls before you find the right lender. A cash out refinance can be another option.
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  • Joy Williams
    OP
    Rental Property Investor · Chicago, IL · Member since 2016 · 30 posts · 12 votes
    10y

    Thanks for the quick response @Leland Barrow . I was reading another thread where someone asked the same question. Others thought it couldn't be done but the BPer mentioned that he had found a lender to do a HELOC not LOC on his investment property. I'm waiting to hear back on who he found but thought I'd ask if anyone else had been able to get a HELOC. I know my CUs won't do them.

    0Reply
  • Joy Williams
    OP
    Rental Property Investor · Chicago, IL · Member since 2016 · 30 posts · 12 votes
    10y

    Update: Penfed does these HELOC's at 80% LTV.

    1Reply
  • Marc Oister
    Investor · pottstown, PA · Member since 2015 · 124 posts · 10 votes
    10y

    Thanks for the update joy.  I will be looking into that myself shortly.

    0Reply
  • Joy Williams
    OP
    Rental Property Investor · Chicago, IL · Member since 2016 · 30 posts · 12 votes
    10y

    Not a problem @Marc Oister.  Good luck!

    0Reply
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