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Updated over 4 years ago,

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1
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Jennifer Wyant
  • New to Real Estate
  • Investing in NW indiana, Chicagoland area
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Banks doing 80% LTV HELOC's duing COVID-19?

Jennifer Wyant
  • New to Real Estate
  • Investing in NW indiana, Chicagoland area
Posted

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

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