HELOC on investment property besides PenFed

[Ashley Wynn]

Does anyone know of any local investor friendly banks in the Birmingham or Montgomery area that will allow you to get a HELOC on an investment property? We know of Penfed as an option, but want to know if there's other local options. And suggestions for lenders that do reasonable purchase and rehab fix and flip loans?? Thanks!

[Peter Philando]

I just completed a refinance with Navy Federal for an investment property, however that property was in my name and not the name of the LLC. Also, I believe you need to own the property for at least 6 months. 70% ARV and was very inexpensive ... I believe I only paid for the appraisal.

[Jared Garfield]

@Ashley Wynn River Bank in Montgomery is very favorable for investors.  We have done over 150 investment properties in Montgomery, and many of our investors that bought turn key from us had great success with them.  In Birmingham one of the best investment banks that has been excellent, especially for construction loans where they will loan you the purchase price and renovation money is Eva Bank.  They have better investment terms than anyone else I have worked with in the area.  I have a great contact in Huntsville as well, F&B Bank!  Please reach out to me personally if anyone needs phone numbers and contacts at these banks.

[Ashley Wynn]

@Peter Philando, I'm a Navy Federal member and actually called them first, but I knew there were probably other options that would give me more than 70%. Thanks for the suggestion!

@Jared Garfield, great information!! This helps a lot. Thanks!