Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 3 years ago,

User Stats

22
Posts
10
Votes
Haritha N.
10
Votes |
22
Posts

Banks/Credit Unions that offer 1st-Lien HELOCs on rentals

Haritha N.
Posted

Hello,

I am refinancing my current 30-year mortgage to an All-in-One loan which acts like a HELOC in 1st lien position. I find that this type of loan/line works better for my scenario and needs. I am not trying to debate the pros and cons of All-in-One vs 30-year fixed. All in one would suit some borrowers and the traditional 30-year fixed loan would suit some.

However, the lender that I am going with for my primary house AIO loan, CMG financials, doesn't offer AIO loans for investment properties (Even if they do, there is a limit of max 1 or 2 AIO loans per borrower).  

I hold 2(soon to be 3) rental properties free and clear and I would like to setup similar AIO loans for these rental properties. I understand that bulk of my extra idle money will go into my primary house HELOC. I plan to open the rental HELOCs that give me the much-needed cash when I need it and channel each house's rent into its own HELOC to repay/bring down the interest faster if I draw on the HELOC.

Could you recommend any banks, credit unions and lending groups that offer HELOC 1st lien on investment properties? I hold my properties in AL and plan to expand to other states. I am looking forward to get any references for lenders that do this in multiple states or Alabama or nationally.

I contacted Ridge Lending Group in Portland, OR - They have suspended this at the moment and they expect to offer it sometime next year.

Loading replies...