Hello CSprings Forum, I'm looking for a referral for local or national bank that will give HELOCs on rental properties. We have a place in Monument with some decent equity and would like to get a HELOC to purchase other properties. Most of the national banks I've looked into don't offer very good rates or lend at lower LTV if it is a rental property. Thanks for the help!
I have multiple HELOC's on my rentals with First Bank. I also have a HELOC on primary with Vectra Bank - I believe they will do rentals as well but was not as competitive as First Bank if I remember correct. I could be wrong on this but I think ENT will do them on rentals too.
Thanks @Colin Smith . I'll look into First Bank.
@Melvin Maxwell , sounds good! Let me know if you ever need help with Property Management as well.
Thanks @Colin Smith . Went with Vectra Bank. Gave 80% LTV and no origination fee and 10 year term. First bank was only offering 3 year term for rental properties and had a 1% origination fee. Appreciate the referral. Mel