Master List: Non Owner Occupied/Investor HELOCs

[Jon Desmond]

Have had quite a few conversations with bank with HELOC product available in my market (Twin Cities) and thought others would appreciate an update on this list. Some players pulled out during the pandemic, some were never investment property HELOCs, etc.:



AFCU does 80% LTV on NOO. Utah

Americafirst 80% LTV on noo 65% LTV Utah

Arvest Bank AR, OK, AL, MO

Bank of Southern California

Bank of West (BNP Paribas) 60% LTV ELOCs: They only do 1st position as well so can't have any other mortgage on it. Don't remember their prime rate, but remember thinking its not very competitive (like prime +1.5 or something) particularly for a 60% max.

BankCherokee: Max 2 properties. Prime + 0% (3.5% floor). Max 80% LTV not to exceed $500,000. 6 year term, interest only from Bank Cherokee Checking. Customer pays closing costs. Want at least 1 operating checking with the bank. Greater Minneapolis & St. Paul market only. Also was "open to a discussion about going up to 100% LTV if they could collateralize something else for an extra 20-25% like an investment portfolio so that a buyer could achieve even higher tax efficiency on their borrowing. Contact: Roger Hamilton. https://bankcherokee.com/about... 

BB&T will loan on a rental portfolio

BBVA, now PNC

Bellwether NH and MA 85% to 100%, draw 10 yrs

BMO Harris, 3 HELOCs to 70% LTV

Boeing employee credit union

California: Cal Coast Credit Union and Fremont Bank

Citizens Bank -Minnesota, only in-state. Kyle Potswald. This 1 is legit. If my memory serves me right its a competitive rate (maybe prime +1%?), I think 75% max LTV and they want to see the HELOC cleared regularly (i.e. don't maintain a balance on it all year long and expect them to renew it). Also it has a pretty quick renewal like 1 or 2 years, but if not renewed it converts into a set term somewhere between 5-10 years (so no worry about default/refinancing if they don't renew you). https://www.citizensmn.bank/di... Scroll and you'll see Kyle's info (since rules prohibit posting on here).

Citizens first position HELOC

CMG Financial 70% LTV

Consolidated CCU, high LTV NOO LOC, OR, WA

East West Bank, up to 60% LTV with "no docs”

Figure 80% on a rental, not in LLC

FirstBank CO and AZ 75% LTV

First Florida Credit Union https://firstflorida.cumortgag...

First Commonwealth

First Midwest, up to 75%. First position only. Chicago area

First Tech Federal. Up to 80% if FICO is over 780, no appraisal under $250k value.

First Republic - California

Fulton Bank

GFA Federal Credit Union 10 yr draw, 10 yr repay, MA

Granite State CU, NH 90-100%

Great Lakes Credit Union

Hanscom FCU, Florida: There is no Hanscom FCU in Florida. They're in Massachusetts. They've never been in the investment property HELOC business and I know that one for sure. That said, they're potentially still the most competitive owner occupied HELOC lender in the marketplace although now increasingly borrowers need to argue with them about values they come back with (they blame it on their desktop underwriting software to save costs, but probably is a desire to put borrowers in a higher rate tier). 

HSBC 70%, for premier clients only

Horizon, Kalamazoo Michigan

Huntington 75% LTV 5 yr IO product available. Someone reported 80%…need confirmation.  I believe they exited market due to pandemic.

Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning. Bridge, portfolio, foreign national and other specialty loan products.

Key Bank, FLorida flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary.

Mountain America Credit Union in Utah, Idaho, Montana, Nevada, Arizona, New Mexico. 85% LTV, promo rate of 1.99%. Can refinance an existing mortgage on investment property to a shorter term “Mini Mortgage.”

Merchants Bank MN See Pavel Ushakov: They never had an investment property HELOC. When I provided Pavel's details to them, they said "That is our owner occupied HELOC terms verbatim, but no such product exists for investment properties. Instead they (like many banks) have a BLOC product that is substantially higher interest rate and continually rolling term.

Navy Federal 80% LTV: Exited the market due to the pandemic and it sounds like it could be a while before they come back.

PenFed - max 3 other properties, including primary. 80% LTV, prime + 1%, <4 properties. The original major entrant in this market and probably the largest lender in this market overall.

Quorum Federal Credit Union 80% equity, owned by LLC is OK. No limit on number of properties held. 5 year interest only payments. New York State. Tiffany Mazzoccoli. 2021

Regions- yes HELOC but no LOC

Ridge Lending All in One, first position HELOC

River Bank & Trust, AL

SCCU Florida 70% LTV, 6.25% interest only, not LLC

SECU NC 65% LTV rate 2.75% Oct 2021

Signature Federal Credit Union 75% LTV

Silvergate Bank

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."

S&T Pennsylvania

TCF Bank: Doesn't exist anymore bought out by Huntington

TD Bank 75% line with FICO about 740

TIAA Direct was EverBank: Not in this market. Don't think they ever were.

Torrey Pines Bank

Troy Bank & Trust, AL

Trustco

Union Bank, specializes in noo HELOC. KCMO, NE

Union Bank, MUFG.

Upstate Bank in Rochester NY, LOC up to 80%

US Bank 80%: Either exited due to the pandemic or never were in the investment property HELOC market.

Vectra Bank - Colo

Veritex, Texas HELOC

WellsFargo 60% LTV

Workers Credit Union, MA 80-100%

WSFS...up to 70% on rental

Zions Bank, Utah