Local bank for HELOC on Rental Property?

Question

Know of any local banks that will do a HELOC on a rental property?

So far BOA, Regions, US Bank, and First Community have said no. Regions will do 70% LTV Home Equity Loan on a rental property for 15 years.

Matt T. · Answer

Penfed only does non owner occupied if 3 or less total properties owned.

Kevin Romines · Answer

Bar none, the best terms on a HELOC on rentals is Pen Fed Credit Union. 80% CLTV up to a max of 4 financed properties.

Joshua Harger · Answer

@David O'Brien here are some local banks you can try. One of them should be able to help you. Good luck!

• Farmers & Merchants Bank
• Fortune Bank
• People Savings Bank
• Bank of Washington

Kyle Bruns · Answer

Try Bank of Edwardsville. I have found they are a bit more flexible than the big banks you listed.

Bob M. · Answer

West community credit union has some good options.

Randy Landman · Answer

Try Peoples Bank, American Bank of Missouri, or West Community Credit Union.

Tom Nguyen · Answer

I just want to give an update to those who want to get HELOC on Rental, especially through penfed.

They will give HELOC on rental up to 80% LTV

Owner can not own more then 3 properties.

If owner have 4 properties, they can only do HELOC on the primary resident and not the rental.

just giving this information out so you don't have to go through register account with them.

Kevin Romines · Answer

@Tom Nguyen, I received their underwriting guidelines on that loan some time ago. I don't still have a copy now. However it is max. of 4 financed properties as I mentioned above. If you have a primary residence that is financed, then you can have 3 rentals total and still fit in their guidelines.

If you have no financed primary residence, then you can have up to 4 rentals financed and still be within their guidelines..........The key is, a max. of 4 financed properties. You will need to call and confirm, as I didn't keep a copy of their guidelines.

Tom Nguyen · Answer

@Kevin Romines are you sure they do max 4 properties ? Because I just check today and they only do up to 3 properties. Do you have to call them to get 4 properties ?

Local bank for HELOC on Rental Property?

Local bank for HELOC on Rental Property?

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