Banks doing 80% LTV HELOC's duing COVID-19?

[Jennifer Wyant]

Hello all, newbie here!

Just closed on my first buy & hold rental property outside of Chicago all cash close. I had planned to get a HELOC through PENFED to recoup my liquidity. I talked to a rep yesterday asking about their investment property NOO program and was asked to fill out an application. Upon turning the APP in I get notice that they are not loaning on investment properties at this time.

So my question: What other banks will loan in the Chicago area for up to 80% CLTV during this pandemic?

Thank in advance for any information

[Andrew C.]

Their website is very up to date with their lending protocols.  So if you enter the property value and the loan amount, when you click submit the system will tell you if it's eligible for a loan.  BTW, they don't collect any personal info or email address and you don't have to register - Truly one of the best, if not THE best lender websites/rate quotes that I have ever come across.  This in NOT a sales pitch, but if/when you call them for a rate quote, they will ask if you are at your computer.  They will tell you to go to their website, fill out the property data, credit score range, zip code, etc and what the site quotes you - that is their quote and they stand behind it (you don't have to call, just use their website: www.aimloan.com).  Many lenders can learn from their simplicity and transparency.  I have done about 7 loans through them in the past 2-3 years and I do recommend them.  Other than being a customer, I have no connection to them and get nothing for referring to them.  

Andrew

(edited for typos)