Heloc on an investment property in CO

[Megan Arzt]

I'm looking for recommendations on where to get a HELOC on an investment property that I own in CO. Thanks!

[Jared Bouzek]

I'm confident Vectra Bank will do a HELOC on an investor property and they have good rates. I have a contact there if anybody wants information. Also check with Everbank. They have a product called the Preferred Equity Line that is a first position HELOC and can be used on investment properties. I'm pretty sure Everbank will go to $2MM on their line. I do have contact info for an Everbank loan officer as well.

[Aaron L.]

I just googled HELOC in Colorado and came up with a bunch of options. You might also check with your personal bank. I did a HELOC through US Bank - I bank with them and the terms were good. Good Luck!

[Megan Arzt]

Thanks.

[Adam Smith]

We just tried to get a heloc on one of our investment properties in Colorado and we could not find a bank or credit union that could do it. We talked to multiple local regional banks and credit unions.  We were told multiple times that they would only do a heloc on our personal occupied home. 

I would love to find a bank that will though! Please update this thread if you find one. 

[Elena Jobson]

I would try portfolio lenders, they may have less strict rules for HELOCS on investment properties. Bank of the West comes to mind, but there are quite a few others. Look around for some smaller banks, they may have options that the credit unions and big lenders don't have.

[Elmo Morales]

I was recently referred to UMB for refinancing a HELOC. I haven't approached them as my needs changed yet would be very interested to hear your experience if you reach out to them. Ask for Greg Hammond.

[Leland Barrow]

I don't think you can get a HELOC. You can get a LOC through a portfolio lender. You can also try talking to the first position.

[Kerry Baird]

Have you tried the "Big Boys" of banking?  The CitiBank, Chase, Bank of America?  Or credit unions?  

[Megan Arzt]

Usbank and chase (note holder) do not do HELOCs on an investment, nor do any of my local credit unions here in UT or MACU.  (the property is in CO).  Vectra Bank has come recommended, so now I'm in the process of amassing a list of banks and credit unions to call to see.  I'll keep you updated.

[Theresa W.]

At a landlord meetup on Monday, someone mentioned Westerra as giving investment HELOCs.

[Lori Allred]

I have found that westerra does do HELOC but not on jumbo loans for investment property. Does anyone have any experience with jumbo loan HELOCs on investment property in colorado? Thanks, L

[Cindy Szponder]

I agree that you should try a portfolio lender like First Bank or Bank of Colorado. Check with local credit unions as well. My understanding is that you can only get a HELOC on a personal residence. I believe that the HELOCs for rental properties idea got flushed after the 2007-2008 downturn, but it's still worth making a few phones calls to find out. Getting a straight out business loan might be more viable.

[Jared Bouzek]

I'm confident Vectra Bank will do a HELOC on an investor property and they have good rates. I have a contact there if anybody wants information. Also check with Everbank. They have a product called the Preferred Equity Line that is a first position HELOC and can be used on investment properties. I'm pretty sure Everbank will go to $2MM on their line. I do have contact info for an Everbank loan officer as well.

[Jared Bouzek]

And by the way, I have no affiliation with either one of those banks. I'm just aware of their programs due to research I've done for some of my own clients.

[Jerrod Johnson]

I have been researching this as well. 1stBank says they will do it up to 75% LTV for 36 month term.

[Naomi Garza]

Where did find bank that do heloc on a investment property

[Megan Arzt]

I did not....@naomi garza