Spokane HELOC Lenders?

Question

Howdy!

I'm trying to find a local preferred lender that would do a HELOC on an investment property. Called a couple credit unions and PrimeLending with no luck. They only offer cash out refis on investment properties unfortunately.

Would appreciate any direction from the experienced guys in our market. Thank you!

Deanna Joy · Answer

Glad you got a good deal! I'm in business lending at Global Credit Union and we do secured LOC on investment properties. In the future I suggest inquiring with commercial/business lending at a given institution if home lending turns you away. :)

Tony P. · Answer

Thanks Nathan but I've tried STCU - they will not do a HELOC for an investment property.

BECU however does, up to 80% and I just signed loan docs today. 6.24% was the final rate. Smooth and easy process and they paid for everything. Overall, great experience. Do recommend.

Nathan McLeod · Answer

I had a conversation with STCU in late 2018, and they offered 90% (this was on a primary residence, so it may be different for you)

I would recommend checking in with them. I had a bad customer service experience with the Spokane Valley branch, so I would suggest going to the Downtown branch.

Hope that helps

Tony P. · Answer

Thank you David, I will give them a shot!

I just got the green light through BECU downtown Spokane. They're offering prime + 1% (6.5%) and are covering all the upfront costs. The application process was really easy but I haven't signed any docs yet so shopping for a better rate is wise. Do you mind sharing your APR with them? It is for an investment prop, correct? And how high did they offer to go on LTV? BECU maxes at 80%. Thank you!

David Fern · Answer

Our HELOC is through Mountain West Bank in the Spokane Valley. Try them, we shopped around and felt they had the best products.

Tony P. · Answer

Pretty sure I did and they told me no on investment property HELOCs.

David Clinton III · Answer

@Svyatoslav Popach just curious if you talked with Numerica as well....?

Tony P. · Answer

Thank you for your response Melissa! I was hoping to avoid dealing with a publicly traded, traditional bank in order to get a better rate... Should've clarified that in my original post. Whoops!

Melissa Murphy · Answer

Hi Svyatoslav,  Try US Bank! I know they do HELOC's.  Good luck!

Spokane HELOC Lenders?

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