Benefits of having HELOC's on some of your rentals...or just one?

[Ronnie S.]

Hi Team,

I have a few condos in the Los Angeles area and wanted to get HELOC's on them so I can scale my business.

I am ready to do this but not sure if I should try and get a HELOC on several of my rentals or just one?

What are the Pro's and Con's of doing this and what are other investors doing?

Any suggestions on what the best credit union or bank is to do this.

Any and all advice is appreciated.

Thank you,

Ronnie

[Kerry Baird]

I have gleaned the following from people here on BP who said they had used one of these lenders for a non owner occupied HELOC. I have used PenFed for mine, and was approved by TD Bank on an investment property. Call local credit unions if one of these won't work in your area.~Kerry

Ridge Lending All in One, first position HELOC w checkbook
Americafirst 80% LTV on noo 65% LTV 15 year 5.74%, Utah
Arvest Bank
California: Cal Coast Credit Union and Fremont Bank.
East West Bank, up to 60% LTV with "no docs”
First Florida Credit Union https://firstflorida.cumortgagecenter.com
Huntington
Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning.
Key Bank, flexible lender, HELOCs on second homes and rental properties. 90% LTV on primary.
PenFed
LendingTree is a broker, connects you with multiple loan providers, some sub prime. 3 to 5 weeks for underwriting is a long time.
TD Bank
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
US Bank
Figure