HELOC on Rental Properties

[Anthony Finger]

Help BP experts (Especially investors in Texas that have rental lines of credit)!

I started investing in San Antonio in 2018 and now am trying to find a bank/lender that will do business with me. My goal is to have a HELOC on my first single family home that I bought in 2018 and then on my other rentals once the equity is high enough; but I have ran into dead ends with every bank I have tried so far. That list includes: USAA, Navy Federal CU, RBFCU, A+FCU, FirstMark CU, Security Service FCU, Credit Human and Generations FCU.

My question to the Texas BP Members out there who have successfully done this is, who do you use and can you please share their contact information with me?

[Ryan F.]

My wife and I have contacted dozens of lenders about this recently.  

So far, only A+ Credit Union, Bancorp South, and Citizen's Bank would do it. As others said, don't call it a HELOC. Ask for a line of credit secured by an investment property. Sometimes this is done through the commercial lending side of the house, but not always.

If you find another lender, please let me know.  We're running numbers now to see which lender makes the most sense.