Rental Property HELOC.......Is it possible?

[Kesete Thompkins]

I'm an experiences investor who has built a portfolio based on buying houses with cash. I have one house that has a mortgage, and that home has the most equity in it in my portfolio. I don't want to fully refinance the house because I don't want to restart that mortgage clock, but I know that I can do more deals by tapping into the equity. 

I've contacted various banks/lenders and they are not budging on granting a HELOC because they want to be in first lien position.

I have a couple questions:

1. Is it refi or bust for me?
2. Any banks/lenders you'd recommend?
3. Any advice on next steps? 

Thanks in advance. 

[Kerry Baird]

Investment property HELOC lenders are out there. 

I have used PenFed and TD Bank for HELOCs on investment property. Post back if you find another lender who serves you well, and I will add them to my list and pay it forward. These were all sourced pre-CV19, so eat the fish and spit out the bones.


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

Bank of West (BNP Paribas) 60% LTV ELOCs

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.cumortgag...

First Commonwealth

First Midwest, up to 90% Chicago area

First Republic - California

Great Lakes Credit Union

Veritex , Texas HELOC

HSBC 70%, for premier clients only

Huntington 75% LTV 5 yr IO product available

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.

Merchants Bank MN See Pavel Ushakov

PenFed - max 3 other properties, 89% LTV

Qurorum Federal Credit Union 80% equity, owned by LLC is OK. 5 year interest only payments. Tiffany Mazzoccoli.

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

Trustco

Union Bank, specializes in noo HELOC. KCMO, NE

Union Bank, MUFG.

US Bank

Vectra Bank

WSFS...up to 70% on rental