HELOC / Line of Credit on SFR Rental Property in Atlanta

[Jamal Green]

I am looking to refinance my  rental property which is a single family home (with an accessory apartment).  Its in Atlanta, Ga.

It has a first mtg of $400,000 and a HELOC (which I got when I lived there) of $65,000.

the value is currently $650,000 and I would like to take out as much equity as I can.

I am wondering which banks would offer a LOC on an investment property. I called PENFED and they offer one at 80% LTV. Anyone have any experience with them? 80% LTV = $520,000

Any other banks to try?

I could also do a new first mortgage as a cash out refinance, but my go to mortgage lender says they cant do a cash out refi at 80% LTV for that large a mortgage, they can only do 60% which doesn't leave me any cash out.

Advice? recommendations???

thanks!

[Kerry Baird]

@Cory Pennington, 

I've used the search function here, and found many people who have posted their investment HELOC successes. I have used PenFed and TD Bank. Here is the list of those I've gleaned on BP:

Ridge Lending All in One
Americafirst 80% LTV on noo 65% LTV 15 year 5.74%, Utah
Arvest Bank AR, OK, AL, MO
Bank of the west
BB&T will loan on a rental portfolio
BBVA Compass
California: Cal Coast Credit Union and Fremont Bank.
Citizens first position Heloc
CMG a financial 70% LTV
East West Bank, up to 60% LTV with "no docs”
Figure
First Florida Credit Union https://firstflorida.cumortgagecenter.com
Great Lakes Credit Union
HSBC 70%, for premier clients only
Huntington 75% LTV
Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning.
Key Bank, FLorida flexible lender, HELOCs on second homes and rental properties. 90% LTV on primary.
PenFed - max 3 other propertie, 89% LTV
Regions- yes HELOC but no LOC
SCCU Florida 70% LTV, 6.25% interest only, not LLC
TD Bank
TIAA Direct was EverBank
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. KCMO, NEUnion Bank (MUFG), Specializes in NOO HELOCSUnion Bank, MUFG.
US Bank
Vectra Bank