Seeking CA HELOC Lender NOO w/ existing bank appraisal report

8 Replies

Looking for a lender who would give me a HELOC on a investment property with 73% LTV in California? I just refi the property a few days ago so i have an appraisal that was just done about two weeks ago. I'd like to find a lender that would use the appraisal from the bank i re-fi through. Any suggestions?

Pentagon Federal Credit Union does them up to $400K, 80% LTV, not sure if CA but worth calling. They list rates on their website. Don't know about the appraisal but I did a NOO HELOC and they did a computer appraisal (nobody came and looked at the property). Costs were low, easy process.

Originally posted by @Reginald Truss :

Juan, before we go any further how much money do you need?

Reggie Truss

 I don’t need a specific amount. I’d like to see terms and what’s the most I can borrow. 

@Juan Ayala   Any lender is going to want their own appraisal.  Fortunately, when it comes to HELOCs, some lenders don't even charge for the appraisal.

But if I understand your question correctly, you're already at 73% LTV on this property? And it's non-owner occupied? If so, that's going to be a problem. There aren't a lot of lenders out there who do HELOCs on rental properties, and the ones that do typically offer lower LTVs.

For example, Wells Fargo will do them but only up to 60% LTV. Union Bank will do them up to 65% LTV. So if you're at 73% LTV, they're both out. You're only bet is PenFed since they go up to 80% LTV, but that doesn't leave a lot of wiggle room. Unless this is a million dollar rental home, I doubt it's going to be worth your while because that 7% isn't going to equate to much in dollars.

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