I'm updating this list frequently, as I added 2 new HELOC lenders today, and others are removed as they won't do them on investment properties any longer. There are a few in your area on my list. ~Kerry
Try local community bank or credit union for investment properties. PenFed FCU, TD Bank and US Bank are my best recommendations.
I've gleaned these lenders from the kind people on BP. I have used PenFed and TD Bank for HELOCs on investment property. Post back if you find another lender who serves you well, and I will add them to my list and pay it forward. 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 CA, AZ
BB&T will loan on a rental portfolio
BBVA, now PNC
Bellwether NH and MA 85% to 100%, draw 10 yrs
BMO Harris, 3 HELOCs to 70% LTV
Boeing employee credit union
Cal Coast Credit Union, CA
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” San Fran area
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. Wester states. Up to 80% if FICO is over 780, no appraisal under $250k value.
First Republic - California
Fremont Bank, 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.
Merchants Bank MN See Pavel Ushakov
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.”
Navy Federal 80% LTV
Norway Savings Bank, Maine
PenFed - max 3 other properties, including primary. 80% LTV, prime + 1%, <4 properties
Quorum Federal Credit Union 80% LTV, owned by LLC is OK. Very flexible lender. NY. Tiffany Mazzoccoli. 2021
Red Canoe Credit Union, WA OR
Regions- yes HELOC but no LOC
River Bank & Trust, AL
SCCU Florida 80% LTV, 2.75% first year promo, 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. Up to 4 properties.
TIAA Direct was EverBank
Torrey Pines Bank
Troy Bank & Trust, AL
Trustco
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 Up to 5 properties.
Workers Credit Union, MA 80-100%
WSFS...up to 70% on rental
Zions Bank, Utah