All Forum Posts by: Stuart M.

I meant for everyone to not reply "Penfed" because I knew they existed, I was looking for alternatives to Penfed because they won't work in my case. I got an incompetent appraiser for the first time in my life and they aren't willing to let me get a second appraisal even at my expense. The problem is they won't give me a straight answer on when I can apply again and get a new appraisal, they are basically an assembly line of HELOCs at this point and any deviation they have no answers. The good news is that if the appraisal ever falls off they will wrap up whatever HELOC I get this time around (from a different bank) into a new HELOC, so its not like I would never use them again, I just can't right now.

I will tell you exactly how our conversations went: local branch says they can't do investment properties at all, give me the number of someone in Trustco NY who supposedly can, that person tells me their area doesn't include Florida and only one person can do commercial in Florida, and give me their number. I call him, he confirms he is the only one that can do commercial in Florida, and that no one in any residential department is allowed to touch investment properties so there is no other way for anyone at Trustco, in any branch anywhere, to help me, except him. I ask him questions, he tells me they absolutely will not take second lien, it has to be first, so it will have to be a Refi, 10 yr loan, amortized 25, ~5.5% if you have great credit, no HELOCs available, must move property into LLC. He sends me other requirements by email (rent must be 1.2x of expenses, etc.) I don't remember if it was 75 or 80% LTV, doesn't matter at this point. His name starts with a D. If you know of someone else somewhere in Trustco that can do something to help, please send me a private message if you don't want to put it here.

We received a terrible appraisal which scuttled everything, it would end up only 70 LTV, so I am looking for other options

I'm looking for banks/CU's you've used that will give you a HELOC on an investment property and use the rental income for your DTI calculation even if you haven't rented it for 2 years - if you've only rented it for 6 months for example, and haven't filed a single tax return including it yet.

Penfed will count a lease.

Space Coast CU won't.

I don't know about TD.

(And if you know if they do HELOCs on Florida investment properties that'd be great too, but I'm willing to call another 20 banks if I have to.)

Brad and Ryan are right here, many appraisers don't generally know what they're doing (there are some exceptions I'm sure).  And the appeals process is a waste of time (you're asking them to admit they're wrong/don't know what they're doing) except in the rarest of circumstances.

So go through every last word of the appraisal, dispute every last detail that is wrong (I've seen dozens before), provide *legitimately* more accurate comps, and then when they refuse to change the value, go find another bank and pay for another appraisal if this transaction is worth it to you (and hope they don't call the same appraiser network.)  If you get 3 appraisals from 3 different people that all tell you you're wrong, then you're wrong, and they're right.  If you know you're right, you're gonna have to put money where your mouth is.  And it its your buyers appraisal, tell them they better come to the table with the cash needed if you think you can get the same offer from someone else.  If you can't get the same (or better) offer, you're gonna have to bite the bullet if you need to sell it and take the hit.

Trustco doesnt do Helocs on investment properties in florida, it would have to be cash out refinance. 

Yeah to actually close....lol we will see. Seems the only people anyone wants to lend to down here are those that have millions, first lien position, etc. 

We are literally asking for *less* than we have in reserves, with 11k+ income and 3k+ in rent (and they paid 6 months in advance) 780 fico with sub 50% dti and banks are...unsure at best. The best loc we got offered so far was 36k putting us at something like 70% ltv. On a house that has almost 200k in equity.

Meanwhile an online company has offered 79k with just a signature but you have to take all the money up front and we don't want the money up front! We want a true LOC! Another one offered 75k but again its all up front and they want house as collateral.

Anyways...next step is calling Trustco commercial division and see if i can get a human on the phone (no luck so far.) TD only wants to do 75% and you have to come into a branch to apply, insane.

I found Space Coast will do 80% P/I in PBC at least, but rent must be seasoned 2 yrs, and prime - .5%

This is SFH btw, i dont know about 4 units

Thanks, I looked at their online calculator, it "reduced" the loan amount of my figures to 75% for Boca/PB, I think I am still going to give them a call. Hilariously the appraisals in my area can vary by over 10% so a 75% with a good appraisal will beat an 80% with a bad one. I'd still like to take my chances with a 80% LTV bank first...maybe if I call the local branch they can help me out.

What LTV did they allow, what rate, terms etc?