HELOC rental property

[Dan Gongora]

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.

[Zach Bosson]

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.

[Jonathan Klemm]

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?

[Kelli Wilson]

@Dan Gongora I've done a number of first lien HELOCs in Illinois on investment properties.  Fantastic option for real estate investors.  DM me ;)

[Dan Gongora]

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

[Jonathan Klemm]

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

[Zack Karp]

@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.

[Dan Gongora]

Thanks @Zack Karp i'll look them up! Hope all is well!