Lenders offering secured LOC cross-collateralized among assets

[Ryan Jopson]

Good Afternoon,

My self and a business partner own a portfolio of smaller multifamily properties (2-4 units). We are looking to expand operations and thus are researching the lending market for line of credit opportunities. We have significant equity built into each property however there are underlying factors involved that may not make our situation so vanilla

1) 4 properties are held in one LLC owned 50/50 between myself and business partner

2) 3 properties are held in a different LLC owned 50/50 between my business partner/wife

3) Another property would be identified as a "primary residence" and that is also owned between my business partner and his wife.

4) For reference: I am related to business partner and his wife.

Line of credit we are searching for would be in 2nd position to the mortgages on properties mentioned above.

Again, I understand this request may not be so cut and dry. If anyone has experience with something of this magnitude any expertise would be helpful.

Thoughts, insights, or comments are appreciated.

Thank you

[Kerry Baird]

Check US Bank, due to LLC situation. I built a big list that was valid prior to the cv situation. Not sure now. Will post it below, and you can start dialing.

Ridge Lending All in One, first position HELOC

AFCU does 80% LTV on NOO. Utah

Americafirst 80% LTV on noo 65% LTV Utah

Arvest Bank AR, OK, AL, MO

Bank of the west

BB&T will loan on a rental portfolio

BBVA Compass

Boeing employee credit union

California: Cal Coast Credit Union and Fremont Bank

Citizens Bank -Minnesota, only in-state. Kyle Potswald

Citizens first position HELOC

CMG a financial 70% LTV

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

Figure 80% on a rental, not in LLC

First Florida Credit Union https://firstflorida.cumortgagecenter.com

First Commonwealth

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 On second homes and rental properties. 90% LTV on primary.

Merchants Bank MN See Pavel Ushakov

PenFed - max 3 other properties, 89% LTV

Regions- yes HELOC but no LOC

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

Signature Federal Credit Union 75% LTV

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

TCF Bank

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, NE

Union Bank, MUFG.

US Bank

Vectra Bank

Wisdom from Ann Bellamy:

I also never keep much cash in a bank account in the same bank where I have any mortgage. For example, I have a mortgage and operating account at Bank X for one of my businesses. I pull out most of the surplus cash from the operating account and put it in an account owned by the same company but in Bank Y. That way I get to determine how it's used, not the bank.

Citizens Bank Minnesota with the caveat that they only lend in state.