All Forum Posts by: Cody Nelson

I've utilized a couple of HELOC's for investment property purposes. They've provided great flexibility with the interest only payments and the ability to draw/pay back funds as needed. I've found the rate is typically better with fix rate but that also locks you into higher minimum payment. As with any product, shop around for the best rate/terms for your area. I'd start by looking at local credit unions and a lender that doesn't charge an early termination fee. Good luck!

I've been in a similar situation here in Seattle and have read about nobody lending ELOC on investment properties. My suggestion is to take your spreadsheets with you and start making the rounds of local banks/credit unions, refusing to take no for an answer. It just takes one institution and once you find them, you've probably found a lender for future deals.

Be tenacious! Feel free to PM me and I'll give you some more ideas that seemed to work for me.

First Financial Northwest Bank in Renton is worth looking into. I was working on a equity line of credit against rental property but had to put on hold after going under contract on another property. Feel free to PM me if you'd like contact information.

Colin Carr Check out US Bank. I'm in Seattle but a quick Google search shows local branches in Denver. Earlier this summer I was able to obtain a HELOC on my primary residence at 90% LTV with a 4.5% rate.

Hey BP’ers,

I’m looking at a small development project in downtown Driggs, Idaho. Are there any contractors or others out there that are familiar with the Teton Valley area?

Hi Mike,

I'm in the process of refinancing myself and elected to stick with the same individual that I've used in the past. She is a friend of my wife's from years ago and has provided great service/rates on three previous loans and has been helpful even when she's not working on a loan for us. She's currently with a regional bank that's located  here in the greater Seattle/Tacoma area. I'm happy to provide her contact information in a PM if you'd like.

@Cailyn Aune - I'm not sure about her potential to complete a portfolio loan

Once my refinance is complete I'll be pulling some equity out through a HELOC. After doing some research, I was impressed with Verity Credit Union's products. I don't have any experience with them but they're currently offering a 1.99% introductory rate for the first 12 months. They're also willing to provided a HELOC on investment properties.