HELOC on a California (CA) Investment Property

[Ryan S.]

Hi Everyone,

I recently went through the process of setting up a HELOC on an investment property in California. Called maybe 50 banks and credit unions, and as you probably know, not a lot of people will do this right now.

I found a few who will, so I thought I'd post results here and maybe save someone the initial legwork.

They have various terms, conditions, etc., but I don't necessarily have all that info.  My goal here is just to give you the starter list for who to call.

This is relatively current (calls made between 3/23/2017 and 5/23/2017) and again, for a non-owner-occupied condo/townhome investment property in California.

Hope this is helpful for somebody out there!

Ryan

Banks/CUs Offering a HELOC Product for NOO Property in California

• Bank of the West (I think they will do this for a single family, but not for a condo/townhome)
• California Bank & Trust (up to 55% Combined LTV)
• California Coast Credit Union (70% CLTV)
• East West Bank (60% CLTV)
• Fremont Bank (65% CLTV)
• Pentagon Federal Credit Union (70% CLTV)
• SAFE Credit Union (70% CLTV)
• Union Bank (up to 65% CLTV)
• Wells Fargo (up to 60% CLTV)
• Wescom Credit Union (70% CLTV)

[Houston Garcia]

@Stephen Chu - Amongst the real estate community in SF/Greater Bay Area, they're known for being amongst the worst in consistency. They never close on-time, and they always make mistakes on paperwork. The same can be said for the other "big-box" banks such as Citi or Chase, but Wells generally performs the best out of the four. Plus, as you probably know - the rates are usually teaser rates until you lock them in.

In my experience, its generally better to go with a relationship-based bank such as First Republic or a local credit union for HELOCs. Granted, if you have a great relationship/high deposits with one of the Big 4, you may get a decent discount on rates.