Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Raleigh Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

8
Posts
2
Votes
Daniel Norber
2
Votes |
8
Posts

Any Triangle Banks that will do HELOC on Rental Property?

Daniel Norber
Posted

Hey BP,

Have a rental property in Durham that has some equity and wondering if there's anyone on the forum who knows of lenders either in the are or online who would issue a HELOC on a rental?

Cheers!

Dan

Most Popular Reply

User Stats

120
Posts
119
Votes
Steven Griffith
  • Rental Property Investor
  • Chapel Hill, NC
119
Votes |
120
Posts
Steven Griffith
  • Rental Property Investor
  • Chapel Hill, NC
Replied

I just closed on a HELOC mid-April on my rental - Pentagon Federal Credit Union (PenFed). I know of several others who have used them for HELOCs on rentals. You do not have to be military to get an account.

Terms were 80% LTV on rentals, 10 year interest only draw period, 20yr repayment period. Rate is variable, currently at 4.75%. PenFed paid all closing costs. If you close the HELOC acct completely within 3 years, you have to pay back closing costs. There is an annual fee of $99, unless you've paid that or more in interest, then the fee is waived .

Great experience thus far with PenFed - I highly recommend!  

TD Bank also does it, although the LTV wasn't as good when I was looking for a lender. Wells Fargo told me they used to, preCOVID. Not anymore.

Any other questions, let me know!

Loading replies...