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Updated over 4 years ago on . Most recent reply

User Stats

39
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Ronald Mejia
  • Real Estate Agent
  • Los Angeles, CA
10
Votes |
39
Posts

HELOC on investment property? Can it be done?

Ronald Mejia
  • Real Estate Agent
  • Los Angeles, CA
Posted

I am looking around for a lender that will do a HELOC on my investment property but coming up short. The banks i've called so far either does not offer the product of can't do it on investment property. Does anyone have any suggestions? My SFH is currently rented and free of mortgage cash flowing 3k/month before taxes. Im looking to get a HELOC to do some repairs to the home and use portion for down payment on new property. PLEASE HELP BP!

  • Ronald Mejia
  • Most Popular Reply

    User Stats

    3,757
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    Kerry Baird
    • Rental Property Investor
    • Melbourne, FL
    2,595
    Votes |
    3,757
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    Kerry Baird
    • Rental Property Investor
    • Melbourne, FL
    Replied

    I've gleaned these lenders from the kind people on BP. I have used PenFed and TD Bank for HELOCs on my own 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.

    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

    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.cumortgagecenter.com

    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 Pennsylvania

    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

    TEXAS https://www.cutx.org/home-equity-loans/helocs

    https://www.bankoftexas.com/Personal/Products-and-Services/Loans-and-Lines-of-Credit/Home-Loans/Home-Equity-Lines-of-Credit

    https://www.frostbank.com/personal/banking/home-loans/equity-line-of-credit

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