Investment HELOC Lenders in NC?

[Jim Horne]

Any REIs in the Charlotte area have a good lead on a lender doing HELOCs on investment properties?  I’ve made 7 calls so far and haven’t found one yet.

[Tim Sherrod]

@Jim Horne Go to the link below:  

https://www.navyfederal.org/loans-cards/equity/heloc/

Navy Fed actively markets their Investment Property HELOCs so you can apply on the website, even if you’re speaking to someone on the phone that isn’t familiar with the product.  (See “Home Equity Line Investment”).   

I just noticed in your previous post that you stated that you're currently at ~ 68% LTV based on the Zillow and your current mortgage balance. Navy Fed will only do up to 70% total LTV on their investment property HELOCs so you don't really have enough equity anyway. That's likely the reason they are not allowing you to get one.

WF had similar LTV limits if I remember correctly. Any bank that does HELOCs on investment properties will be more conservative than usual because they are riskier than HELOCs on primary residences. You'll likely need to wait till you build a little more equity in the property.

Good luck.