small bank / investor friendly / heloc

5 Replies

Looking for recommendations for local lender who doesn't require seasoning of the property. Ideally investor friendly and offers 80% - 90% LTV. Great large bank recommendation? I'll take it!

Thanks!

@Krystal Yeats , is the HELOC for a primary or investment property? Pen Fed Credit Union does 80% LTV on investment properties.

You are looking for either a portfolio lender (call local credit unions and regional banks) or a bank that does delayed financing loans. In either occasion, unless it's owner occupied, it'll be tough to get that kind of LTV. If you find one, please update the thread!

Good luck-

@Jaysen Medhurst it will potentially be for both a primary and an investment property. If all goes well I plan on using this strategy for multiple investments. I've looked into Pen Fed, they were a good option. Thanks!

@Corby Goade I've called numerous local credit unions and banks trying to find the right fit. As of now the leading bank is Bank of Stockton with 2.5% 6month intro rate then 4.5-6% after @80% LTV. Do portfolio lenders advertise this type of lending or is this something I would need to specifically ask about?

Originally posted by @Krystal Yeats :

@Jaysen Medhurst it will potentially be for both a primary and an investment property. If all goes well I plan on using this strategy for multiple investments. I've looked into Pen Fed, they were a good option. Thanks!

@Corby Goade I've called numerous local credit unions and banks trying to find the right fit. As of now the leading bank is Bank of Stockton with 2.5% 6month intro rate then 4.5-6% after @80% LTV. Do portfolio lenders advertise this type of lending or is this something I would need to specifically ask about?

 HELOCs are super low profit, at best they are a way to 'get you in the door' for other banking services, you've just got to keep dialing for dollars. You may find that the best HELOCs are from institutions with small regional footprints, not the big megabanks or credit unions. By definition all HELOCs are portfolio loans, FYI. :)

@Krystal Yeats , typically it's not something that they advertise because it doesn't really mean much to the average person. From your post, it's tough to figure out what you are trying to do and pulling out equity without seasoning, while not impossible, in my experience it isn't always a great strategy. It's more expensive, you get a lower LTV and if you don't have an immediate use for that money that has a great return, it will cost you more in the long run.

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