All Forum Posts by: Daniel C.

@Crystal Smith Hi Crystal - I've been wondering about something you mentioned and did ask an Architect over a virtual meetup but didn't get a super clear answer as it pertains to the ADU Ordinance. Does this part of your message basically equate to having to upgrade the water service? I.E. digging up the trench along the property, sidewalk and potentially the street to run a larger water line?


Because you will be using more water the city will add requirements for the extra bathroom that will drive up your cost

@Ashley Pimsner reach out to @Michael Barbari at First Midwest to find out. I used them for owner occupied 90% LTV and went smoothly.

@Kevin Coleman see my note here, still had to get an in-person appraisal though

Almost everything I've had to look into and learn myself I learned from youtube. There is so much home maintenance content there it's outstanding

@Account Closed I can't tag Kerry Baird since I don't think we're connected but she always has a full list of lenders if you search her posts. I copied this from one:

HELOCs for investment properties:

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 ELOCs

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

California: Cal Coast Credit Union and Fremont Bank

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

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

Regions- yes HELOC but no LOC

River Bank & Trust, AL

SCCU Florida 70% LTV, 6.25% interest only, 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

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

Workers Credit Union, MA 80-100%

WSFS...up to 70% on rental

Zions Bank, Utah

I just finished a HELOC with @michaelbarbari at First Midwest. They're located in Woodridge which looks like it's not that far from you in Oak Lawn. Process was smooth and pretty quick and also available up to 90% LTV. I had a good experience so would recommend doing an intro call with them if you want more info

**EDIT** For some reason I can't get the @ mention to work but you can find him here on BP or do a Google search

Rising property taxes have been on my mind too as a new landlord and with Chicago re-assessing 2021. Question for tenured property owners. When property taxes rise and you pass some or all of that cost back to your tenants do you include any messaging on the reasoning? 

I.E. something like hey property taxes increased $2500 this year so the $50/month increase (numbers are made up) in rent is driven by that. 

@Frederick Wenger It's not abundantly clear but those details are at the top of the page below the subject and above the first post. Recopied them here:

• 10/21/19 06:30PM - 09:00PM America/Chicago
• 1501 N Dayton St Chicago, Illinois 60642

@John T Lizzo Thanks John this was really helpful as a new member here. For other new people I found this site where you can plug in the address and it'll have the Tax Code and Rate for your desired address:

http://www.cookcountypropertyinfo.com/default.aspx

@Brie Schmidt Hi Brie - I've been looking for the REI group you mentioned in your post but don't see it in the networking events. I'm also new to BP so could be looking in the wrong place. Do you have any info handy on it? Thanks!