Banks/Lenders that do HELOC's on Investment Properties?

[Bud Gaffney]

Hi all! Does anyone know of any banks/lenders that are doing HELOC's on Investment Properties currently? I have called several banks, credit unions and have had no luck. Any insight would be greatly appreciated. Thanks :)

[Steven Griffith]

Hi Bud,

Yes - Pentagon Federal Credit Union (PenFed) does this. I took a HELOC out on one of my rentals back in April of this year. Their terms for HELOCs on Non-Owner Occupied Homes are listed online, but terms for me were 80% LTV, 10yr interest only draw period, 20yr repayment. interest rate is variable, but minimum 4.75%. they did have an introductory rate of you pulled money the day you cloased of 3.75%. PenFed pays all closing costs - if you close the HELOC in the first 3 years, then you'll need to pay PenFed back the closing costs.

They are great! It took about 2-3 weeks from 1st inquiry to closing on my HELOC.