Local bank for HELOC on Rental Property?

[David O'Brien]

Know of any local banks that will do a HELOC on a rental property?

So far BOA, Regions, US Bank, and First Community have said no. Regions will do 70% LTV Home Equity Loan on a rental property for 15 years.

[Randy Landman]

Try Peoples Bank, American Bank of Missouri, or West Community Credit Union.

[Bob M.]

West community credit union has some good options. 

[Kyle Bruns]

Try Bank of Edwardsville. I have found they are a bit more flexible than the big banks you listed. 

[Joshua Harger]

@David O'Brien here are some local banks you can try. One of them should be able to help you. Good luck!

• Farmers & Merchants Bank
• Fortune Bank 
• People Savings Bank 
• Bank of Washington

[Kevin Romines]

Bar none, the best terms on a HELOC on rentals is Pen Fed Credit Union. 80% CLTV up to a max of 4 financed properties.

[Matt T.]

Penfed only does non owner occupied if 3 or less total properties owned.

[Tom Nguyen]

@Kevin Romines are you sure they do max 4 properties ? Because I just check today and they only do up to 3 properties. Do you have to call them to get 4 properties ? 

[Kevin Romines]

@Tom Nguyen, I received their underwriting guidelines on that loan some time ago. I don't still have a copy now. However it is max. of 4 financed properties as I mentioned above. If you have a primary residence that is financed, then you can have 3 rentals total and still fit in their guidelines. 

If you have no financed primary residence, then you can have up to 4 rentals financed and still be within their guidelines..........The key is, a max. of 4 financed properties. You will need to call and confirm, as I didn't keep a copy of their guidelines. 

[Tom Nguyen]

I just want to give an update to those who want to get HELOC on Rental, especially through penfed.

They will give HELOC on rental up to 80% LTV

Owner can not own more then 3 properties.

If owner have 4 properties, they can only do HELOC on the primary resident and not the rental.

just giving this information out so you don't have to go through register account with them.