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Updated over 4 years ago on . Most recent reply
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HELOC on investment property? Can it be done?
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!
Most Popular Reply
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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.frostbank.com/personal/banking/home-loans/equity-line-of-credit