Great HELOC lender in Oregon

[Tom Dieringer]

Just a quick shout out to Rivermark Credit Union in Portland - lending 90% LTV, no fees beyond appraisal, and very quick turn around. 1.24% over prime - I got a little lower rate on my out of state HELOC on a rental but still a very fair rate.

I had applied with my primary bank and current mortgage holder, Key Bank, and for the second time in 2.5 years, their chosen appraiser grossly undervalued my primary residence. I know there can't be collusion between appraiser and bank but that said, I know that since they would be holding both the 1st and the HELOC, they aren't wanting too big of a valuation for the HELOC. I suspect their chosen appraisal company knows who butters their bread and doesn't need to be explicitly told that the lender doesn't want excessive exposure. Both times in this scenario their chosen appraisers have appraised at 20% below what the other appraisers have eventually determined. Fishy.

Regardless, Rivermark is great to deal with and the 90% LTV is fantastic. I just got 365K of easily accessible funds to supplement my rental property Helocs and my own available cash, basically eliminating my need for accessing hard money for any size deals I'm currently comfortable pursuing.