Who is doing HELOCs on investment properties?

Question

Hi Team.

Santander used to do HELOCs on rental properties. They shut down their lending arm. Does anyone know of banks that offer HELOCs with decent terms for investment properties?

Thanks!

Matt

Andrew Freed · Answer

As @Jake Stuttgen mentioned, usually your best bet is small local credit unions or banks. I'd recommend you make a list of all of the credit unions and small banks in a 50 mile radius and call every single one inquiring about the product you are looking for. I've found some pretty amazing products this way via portfolio lenders.

Another good strategy is sign up for all of the local facebook investor groups in your area and askthere. A lot of investors in your area already asked this question and came up with solutions so why not draw upon their expertise?

Jake S. · Answer

Ive had great luck connecting with local credit unions

Tejas Shah · Answer

Hi @Greg Kasmer. How did the conversation with First Trust Bank go. Any luck getting a LOC approved?

Greg Kasmer · Answer

Matt - I'm currently in conversation with First Trust Bank about a loan/line of credit on investment properties. Like you, I've found it difficult so if you want to connect I'm happy to discuss further. And, if I get some traction with First Trust I can let you know!

Jonathan Soto · Answer

i am if the property is a single family

Chris Davidson · Answer

@Matt N. this is almost asked daily, and lending is changing quickly right now. I would reach out to some local and regional banks/ CU's. Sometimes finding the cheapest money isn't the best LT strategy, but developing the relationship with your lender.

Best of luck!

Who is doing HELOCs on investment properties?

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