Want a HELOC what is the best Bank?

[Brian Braunhuber]

Hi all, I wanted to get a HELOC on my rental and wanted to get some recommendations for banks to use.

The rental is in the Portland, OR metro area but I live in the Austin, TX metro now. Should I get a local lender in Oregon or can I use a national lender? 

Thanks

[Brian Braunhuber]

OK All, I gave most of the banks on the list a call and here is what I found out. 

Wells Fargo (National) - Still waiting on a Responds 

Umpqua Bank (Vancouver, Washington) - No Heloc on Rentals

First Tech (Beaverton, Oregon) - Yes Heloc on Rentals

Contact: Scott Shewbridge 

LTV: 75%

Rate: 5.75%

Moody Bank (Austin, Texas) No Heloc on Rental but will do Home Equity Loan. Also referred me to BBVA Compass.

BBVA Compass (Austin, Texas) - No Heloc but will do a unsecured line of credit. I was told by the person at Compass that HELOC's on investment property was not allowed in Texas.

Contact: Jeremy Oliver 

Rate: 7.5%

Fees: None

Max. Amount: $150,000 

Hope this helps