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Which Banks/ Credit Unions will do a HELOC on investment property
Hello,
Does anyone know any banks / credit unions that are doing HELOC / equity line of credit on investment properties?
I know First Tech and PenFed are, but they both have a limit of 4 financed investment properties, and I am just over that. I am not eligible for Navy Fed.
I've been researching and have called several other banks, but they all say that aren't doing HELOCs on investment properties.
Property is in Georgia.
Any banks / credit unions I should try?
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@Michelle F. you probably need a local portfolio lender and you probably need to go to a commercial loan structure. Any investor friendly agent in your area should have a few recommendations.
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I've gleaned these lenders from the kind people on BP. I have used PenFed and TD Bank for HELOCs on investment property. Post back if you find another lender who serves you well, and I will add them to my list and pay it forward. These were all sourced pre-CV19, so eat the fish and spit out the bones. It doesn't hurt to call.
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 the west
BB&T will loan on a rental portfolio
BBVA Compass
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 a financial 70% LTV
East West Bank, up to 60% LTV with "no docs"
Figure 80% on a rental, not in LLC
First Florida Credit Union https://firstflorida.cumortgag...
First Commonwealth
Great Lakes Credit Union
Veritex , Texas HELOC
HSBC 70%, for premier clients only
Huntington 75% LTV
Hurst Lending and Insurance Investment property
HELOC in Texas. No seasoning.
Key Bank, FLorida flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary.
Merchants Bank MN See Pavel Ushakov
PenFed - max 3 other properties, 89% LTV
Regions- yes HELOC but no LOC
SCCU Florida 70% LTV, 6.25% interest only, not LLC
Signature Federal Credit Union 75% LTV
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
TCF Bank
TD Bank
TIAA Direct was EverBank
Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties. Automated appraisal.
Trustco
Union Bank, specializes in noo HELOC. KCMO, NE
Union Bank, MUFG.
US Bank
Vectra Bank
Wisdom from Ann Bellamy:
I also never keep much cash in a bank account in the same bank where I have any mortgage. For example, I have a mortgage and operating account at Bank X for one of my businesses. I pull out most of the surplus cash from the operating account and put it in an account owned by the same company but in Bank Y. That way I get to determine how it's used, not the bank.
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@Kerry Baird what a great list this is awesome thank you for providing this!!
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@Armin Nazarinia, you are welcome. I was challenged when folks said it was "impossible" to do, and rose to the challenge to find a few. :D
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Thanks great list I was going to tell you about American first credit Union but it’s already on your list. Much appreciated
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Originally posted by @Kerry Baird:I've gleaned these lenders from the kind people on BP.
Awesome! I had made a list last year from the kind people on BP...I called around 12 banks, found the 3 with the most competitive rates...lost the list and all my info in a house move...
I’ll get to calling these banks tomorrow! Thanks again
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@Justin Famulari, who do you recommend? Did you just shop for rates or also TCV?
Seems to me the key variables are: rate, TCV, draw period, origination/application/loan fees. Also, I hear some charge transaction fees,.
My properties are in PA and FL.
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Just making calls right now:
fremontbank provides HELOC on investment properties situated in CA.
Bank of West provides HELOC on investment properties situated in CA, AZ
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Hi Kerry, Thank you so much for the HELOC list. My rental properties are in NY but I live in AZ. Thus I have a hard time to find HELOC banks willing to work with rental properties. I used your list and found Penfed for this HELOC with an initial rate of 4.75%. I have used TD bank before for rentals. But they recently told me that they will not loan HELOC to rental properties. Again, thank you!
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I have been trying to get a heloc on an investment home. They are asking for a transfer fee at closing. What is this fee, never heard about it before.
Thanks much
aditya
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Red Canoe Credit Union in Washington and Oregon, capped @ just under $50K
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I ran into that with Penfed, do you know if Navy Fed offer home equity on rental over 4 financed?
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How about a bank that would do a heloc on investment property within LLC located in Colorado other than Vectra Bank?
Quote from @Kerry Baird:
I've gleaned these lenders from the kind people on BP. I have used PenFed and TD Bank for HELOCs on investment property. Post back if you find another lender who serves you well, and I will add them to my list and pay it forward. These were all sourced pre-CV19, so eat the fish and spit out the bones. It doesn't hurt to call.
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 the west
BB&T will loan on a rental portfolio
BBVA Compass
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 a financial 70% LTV
East West Bank, up to 60% LTV with "no docs"
Figure 80% on a rental, not in LLC
First Florida Credit Union https://firstflorida.cumortgag...
First Commonwealth
Great Lakes Credit Union
Veritex , Texas HELOC
HSBC 70%, for premier clients only
Huntington 75% LTV
Hurst Lending and Insurance Investment property
HELOC in Texas. No seasoning.
Key Bank, FLorida flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary.
Merchants Bank MN See Pavel Ushakov
PenFed - max 3 other properties, 89% LTV
Regions- yes HELOC but no LOC
SCCU Florida 70% LTV, 6.25% interest only, not LLC
Signature Federal Credit Union 75% LTV
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
TCF Bank
TD Bank
TIAA Direct was EverBank
Tower FCU, all states except TX, max 45 DTI, green card ok. Max of three rental properties. Automated appraisal.
Trustco
Union Bank, specializes in noo HELOC. KCMO, NE
Union Bank, MUFG.
US Bank
Vectra Bank
Wisdom from Ann Bellamy:
I also never keep much cash in a bank account in the same bank where I have any mortgage. For example, I have a mortgage and operating account at Bank X for one of my businesses. I pull out most of the surplus cash from the operating account and put it in an account owned by the same company but in Bank Y. That way I get to determine how it's used, not the bank.
Hi @Kerry Baird, any chance you have an updated list from this? PenFed is no longer offering fyi…
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I have added a bunch that were confirmed at the time. But many are changing up with the current financial ops temp.
All in One, Ridge Lending, first position HELOC
AFCU does 80% LTV on NOO. Utah
Americafirst 80% LTV on noo 65% LTV Utah
Arvest Bank AR, OK, AL, MO
Bancorp South, TX Lines of Credit on free and clear houses
BankNewport
Bank of Southern California, CA
Bank of West (BNP Paribas) 60% LTV CA, AZ, OR
BankRI
BB&T will loan on a rental portfolio
BBVA, now PNC
BECU for OR
Bellwether Community Credit Union, NH and MA 85% to 100%, draw 10 yrs
BMO Harris, 3 HELOCs to 70% LTV
Boeing Employee Credit Union
Cal Coast Credit Union, CA
Change Wholesale
Chelsea Groton Bank, CT
Citizens Bank -MN
Citizens, first position HELOC
CMG Financial 70% LTV CMG Financial in Idaho will do 100% on owner occupied.
Coastal1, RI
Coastal Federal Bank of NC
Consolidated CCU, high LTV NOO LOC, OR, WA
East West Bank, up to 60% LTV with "no docs" CA, WA, NV, GA, NY, TX and MA. Super easy.
Eastern CT Savings Bank, CT
Figure 80% on a rental, not in LLC
Finance of America, 95% CLTV, second home only, 680 FICO, not TX
FirstBank CO and AZ 75% LTV
First Florida Credit Union FL
First Commonwealth
First Midwest, IL up to 90% Chicago area
First Tech Federal. OR and other Western states. Up to 80% if FICO is over 780, no appraisal under $250k value.
First Republic - CA
Fremont Bank- up to 60% CA
Frost Bank - TX
Fulton Bank, PA, NJ
GFA Federal Credit Union 10 yr draw, 10 yr repay, MA, NH
Golden1 California HELOC
Granite State CU, NH 90-100%
Great Lakes Credit Union, Chicago area IL
GTE Financial, Tampa, Sarasota area FL w 2 yrs tax history on property
Hanscom FCU, TX
HarborOne, RI

HSBC 70%, for premier clients only. FL, NY, MD, CA, VA, NJ,
Horizon Bank, Kalamazoo MI
Hughes Federal Credit Union
Huntington MI 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.
KeyBank, flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary. BLOC FL, CO, OH, UT, ID
Lafayette Ambassador Bank
Merchants Bank MN See Pavel Ushakov
Mid-Hudson Valley FCU
Mountain America CU Utah, ID, MT, NV, AZ, NM. 85% LTV, promo rate of 1.99%. Can refi an existing mortgage to a shorter term "Mini Mortgage." Currently on pause. Let me know if they start up again.
Navy Federal 80% LTV
Norway Savings Bank, Maine
Omaha Mortgage
Oregonians CU - OR
PenFed - max 3 other properties, including primary. 80% LTV, prime + 1%, <4 properties. Pulls Equifax.
Peoples Bank of NC
PSECU up to 80%
Quorum Federal Credit Union 80% LTV, owned by LLC is OK. Very flexible lender. NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period. FICO at least 680. Not in Texas.
Quontic does not seem to offer these at the moment.
Red Canoe Credit Union, WA OR
Regions
River Bank & Trust, AL
Rivermark Credit Union, OR 90% LTV
SCCU Florida 80% LTV, 2.75% first year promo, not LLC
SECU NC 65% LTV rate 2.75% Oct 2021
***Signature Federal Credit Union 80% LTV to 100% LTV (100% on primary residence). Nationwide. Fixed rate in Texas. 75% for NOO properties.
Silvergate Bank, CA
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." CT
SouthEast Bank TN
Spring EQ will do a HE Loan on an investment up to 90%
Symmetry
S&T Bank, PA
TCF Bank, FL, GA
TD Bank 75% line with FICO about 740. Up to 4 properties.
Torrey Pines Bank, see also Western Alliance Bank Corp. Commercial real estate solutions for developers, home builders.
Troy Bank & Trust, AL
Trustco Bank, FL, NY, NJ, MA, VT
Trustmark Bank, TX. Call it a LOC rather than a HELOC
Umpqua Bank 80 LTV
Union Bank, specializes in noo HELOC. KCMO, NE., MUFG.
Upstate Bank in Rochester NY, LOC up to 80%
US Bank 80%. “Business equity line of credit: Use Real Estate as Equity” up to $500k, interest only. gather your business and personal tax returns, financial statements, articles of incorporation and other legal documents.”
Vectra Bank - Colo
Veritex, TX HELOC
Webster Bank, CT, RI
WAFD Bank. Origination fee 1% or $700. Can be in an LLC, max 75% LTV. WA, OR, UT, NV, ID, NM, AZ, TX. All-in-One construction loan, too.
WellsFargo 60% LTV Up to 5 properties.
Workers Credit Union, MA 80-100%
WSFS...up to 70% on rental
Zions Bank, Utah
NO: Truist
TEXAS https://www.cutx.org/home-equi... WAFD, Frost, Trustmark
High primary, not investment, HELOC:
Spring EQ 97.5% and fast, at 11 days
Foreign national: Civic 80% LTV for cash out. 5/1, 7/1 and 10/1 interest only ARMS. 1 to 2 year bridge loan. Fund in 5. To 10 business days; can finance the rehab.
SMALL BALANCE HELOC ON PRIMARY
US Bank 15k to $750k 10 year draw. Requires high FICO 730 and LTV 70% or less
PenFed Best Credit Union $25 to $500k 10 yr draw. Up to 90% LTV.
Bank of America, low fee. $25k to $1 million, 10 year draw. HUGE line
PNC Bank best for small home improvements $10k up. 7 to 10 yr draw.
TD Bank from $8 k up. Can go from $25 to $500k…large line.
Frost Bank, in Texas only.
CALIFORNIA: Bank of Southern California, Bank of West (BNP Paribas), Cal Coast Credit Union, East West Bank, up to 60% LTV with "no docs" San Fran, First Republic, Fremont Bank, Golden1, HSBC, Quorum FCU, Silvergate Bank, Umpqua,
TEXAS
Frost Bank, East West Bank, Hanscom FCU, Trustmark Bank, Veritex, WAFD Bank
UTAH
Mountain American Credit Union and America First have great rates for HELOCs
America First will do a HELOC on an investment property in Utah.
STR DSCR Mortgages (not HELOCs)
Visio
Host Financial
American Heritage
LendingOne
RCN
Temple View Capital
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Thank you!
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I will add some data points based on my research.
BMO harris in IL only allows for you to own 2 investment properties after that you are no longer eligible for Heloc.
Figure will do Heloc style loan product up 70 LTV on single family NOO. Not on duplex/triplex or 4plex.
First Tech Federal. OR and other Western states. Up to 80% if FICO is over 780, no appraisal under $250k value. Max allowed financed properties is up to 3 before you are disqualified for heloc on NOO.
Americas Credit Union currently does heloc NOO up 70 ltv max allowed financed properties is 6. Payment is 1% of balance.
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Awesome that you did that legwork, @Rory Boone.
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For NJ - Trustco Bank don't do HELOC on investment properties anymore. Fulton does it at 75% LTV
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Thanks, @Nigam Mehta. I appreciate that info
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Try Figure.com for HELOC on investment property
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@Ankit Garg, great suggestion. That worked for us, too.
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Thanks for this thread! Just called PenFed and they no longer offer HELOCs on investment properties. Saw Figure.com was recommended on a few places including here so I checked them out and got pre-approved within minutes. Thanks!
@Alina Mitchell
What kind of interest are they offering?
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I was still approved with Figure this month. My local community credit union will also do them, and in first position.