Mortgage Brokers & Lenders
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
HELOC rental property
Hi there,
Does anyone know of a lender that will do a HELOC on a rental property in IL? Property is located in Aurora, IL. Chicago, IL basically Chicagoland area.
Hi Dan,
We do over at Lower.com - it is rare and we're a near National Lender. We're not a Quicken Clone, loan advisors are experts in all manner of programs, "blending technology with a handshake".
Quick highlights - 1-4 unit, business statement loans, down to 660 up to 90% CLTV and more.
Hey @Dan Gongora - I have a list of lenders that another BP member shared with me a while back...the lenders are exclusive to Chicago or Illinois, but I assume that wouldn't matter to you.
How much equity do you have in the property and what is your game plan with the money?
-
Contractor IL (#TGC116360)
- Quality Builders
- http://qualitybuilders.com
- [email protected]
@Dan Gongora I've done a number of first lien HELOCs in Illinois on investment properties. Fantastic option for real estate investors. DM me ;)
Hi @Jonathan Klemm thanks for reaching out. Loan balance is about 133k and current zillow estimate is 308k. I would just like a heloc to have the cash available in case I find a deal. No immediate plans for it
Hey @Dan Gongora - Here is the list that @Kerry Baird shared before not sure how up to day it is:
Company | Kerry Baird Notes |
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 |
Bancorp South | TX Lines of Credit on free and clear houses |
Bank of Southern California | CA |
Bank of West (BNP Paribas) | 60% LTV CA, AZ, OR |
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 | |
Citizens Bank -MiN | only in-state. Kyle Potswald |
Citizens | first position HELOC |
CMG Financial | 70% LTV CMG Financial in Idaho will do 100% on owner occupied. |
Coastal Federal Bank of NC | |
Consolidated CCU | high LTV NOO LOC, OR, WA |
East West Bank | up to 60% LTV with "no docs” San Fran CA area |
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- CA | |
Frost Bank - TX | |
Fulton Bank, PA, NJ | |
GFA Federal Credit Union | 10 yr draw, 10 yr repay, MA, NH |
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 | |
HSBC | 70%, for premier clients only. FL, NY, MD, CA, VA, NJ, |
Horizon Bank | Kalamazoo MI |
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.” |
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 ought to be at least 680 |
Quontic | |
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 | 75% LTV (100% on primary residence), VA |
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 | |
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 | Texas. Call it a LOC rather than a HELOC |
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 | Texas HELOC |
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 | |
Credit Union of Texas | https://www.cutx.org/home-equity-loans/helocs WAFD, Frost, Trustmark"}" data-sheets-hyperlink="https://www.cutx.org/home-equity-loans/helocs" data-sheets-hyperlinkruns="{"1":6,"2":"https://www.cutx.org/home-equity-loans/helocs"}{"1":51}">TEXAS https://www.cutx.org/home-equity-loans/helocs 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. |
Bank of Southern California | California |
Bank of West (BNP Paribas) | California |
Cal Coast Credit Union | California |
East West Bank | up to 60% LTV with "no docs” California |
San Fran | California |
First Republic | California |
Fremont Bank | California |
HSBC | California |
HSBC | California |
Silvergate Bank | California |
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 | UTAH |
Host Financial | UTAH |
American Heritage | UTAH |
LendingOne | UTAH |
RCN | UTAH |
-
Contractor IL (#TGC116360)
- Quality Builders
- http://qualitybuilders.com
- [email protected]
@Dan Gongora hey Dan hope all is well! One of my clients said they got one at Signature federal credit union. Can't speak to their terms, but can confirm they do 2nd lien helocs on investment properties.
Thanks @Zack Karp i'll look them up! Hope all is well!