Looking for bank that will do HELOC on investment property.

Cleveland, Ohio
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Looking for bank that will do HELOC on investment property.

Adam Craig
Investor · Cleveland, OH · Member since 2011 · 603 posts · 130 votes

I know not many do but I am looking for bank that will do HELOC on investment property in the norteast Ohio area.

I assume most of the bigger local banks wont do it

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Kerry BairdPro Member
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
9y

TD Bank will do a 75% LTV HELOC on an investment property.

PenFed will do 80% LTV HELOC on a non-owner occupied property:

80% OR LESS LTV

$10,000 - $400,000

Variable 4.75% APR
(Prime + 1.00%)

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  • Dante Pirouz
    Investor · Almont, MI · Member since 2015 · 360 posts · 302 votes
    9y

    I use Huntington Bank for HELOCs...not sure if they are in Ohio...

    0Reply
  • Account Closed
    Rental Property Investor · Orlando, FL · Member since 2016 · 463 posts · 220 votes
    9y
    Originally posted by @Dante Pirouz:

    I use Huntington Bank for HELOCs...not sure if they are in Ohio...

     Well, its headquarters are in Columbus, OH, so yes, they do have a branch of two in the state, lol.

    0Reply
  • Dante Pirouz
    Investor · Almont, MI · Member since 2015 · 360 posts · 302 votes
    9y

    @Account Closed so there you go :) Problem solved!!

    0Reply
  • Jen R.
    Investor · Tallmadge, OH · Member since 2015 · 258 posts · 275 votes
    9y

    We are currently working through this process with Huntington in northeast Ohio - so far they have been easy to work with. If you'd like our loan officer's contact info, send me a message.

    0Reply
  • Nicholas Novak
    Broadview Heights, OH · Member since 2013 · 95 posts · 38 votes
    9y

    @Jen R. Out of curiosity, what are the seasoning requirements and LTV?

    0Reply
  • Jen R.
    Investor · Tallmadge, OH · Member since 2015 · 258 posts · 275 votes
    9y

    @Nicholas Novak - must own the property for 12 months, and 75% LTV.

    0Reply
  • Adam Craig
    OP
    Investor · Cleveland, OH · Member since 2011 · 603 posts · 130 votes
    9y

    I spoke with Huntington. $60 annual free but they double your rate on investment HELOC so your looking at 75 LTV 10% which is not great. Nearly hard money rates which I already have plenty of.

    Spoke with Wells Fargo - they only go up to 60% LTV at 8% - It wouldn't be worth it.

    I am going to call around to some smaller banks - I know there are better options, if not Huntington it is.

    0Reply
  • Nicholas Novak
    Broadview Heights, OH · Member since 2013 · 95 posts · 38 votes
    9y

    @Adam Craig Yikes!!! That is definitely the same as long term private money lenders...

    0Reply
  • Manoj Sadasivan
    Real Estate Investor · Madison, MS · Member since 2016 · 24 posts · 5 votes
    9y

    75% LTV is the most I have come across..

    0Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    9y

    TD Bank will do a 75% LTV HELOC on an investment property.

    PenFed will do 80% LTV HELOC on a non-owner occupied property:

    80% OR LESS LTV

    $10,000 - $400,000

    Variable 4.75% APR
    (Prime + 1.00%)

    2Reply
  • Adam Craig
    OP
    Investor · Cleveland, OH · Member since 2011 · 603 posts · 130 votes
    9y
    Originally posted by @Kerry Baird:

    TD Bank will do a 75% LTV HELOC on an investment property.

    PenFed will do 80% LTV HELOC on a non-owner occupied property:

    80% OR LESS LTV

    $10,000 - $400,000

    Variable 4.75% APR
    (Prime + 1.00%)

    Both those banks are not near me. Any idea if they have to be in close proximity or can most banks do HELOCS anywhere in the country?

    0Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    9y

    Call them and find out!  Most sites also put the States in which they lend online.  You don't have to be close to PenFed.  I am close to TD and walked in.  

    0Reply
  • Jolan B Bastien
    Laurel, MD · Member since 2018 · 2 posts · 8 votes
    7y

    Reading this thread nearly 2 years later and Kerry Baird is still saving the day! 

    TD and Penfed are both still doing them. 

    Penfed is still Prime+1, 80% LTV

    TD Bank 6.99, 75% LTV

    And I'm not sure if it's national, but First National Bank in Pennsylvania can do it, too. 

    The rate depends on the score 710+ is prime+.26 for $25K; 660+ is prime plus .5 for $25K; There is an option for borrowing $50K, too. 

    0Reply
  • Bryan Harvey
    NC · Member since 2017 · 16 posts · 1 vote
    7y

    I just got denied by PenFed for an investment property HELOC, because I own more than 3 properties, even though I have no mortgages on them.

    They said the reason that's their policy is they don't want to be in the business of providing loans for real instate investors. 

    0Reply
  • Ike Stephens
    Rental Property Investor · Houston, TX · Member since 2018 · 44 posts · 20 votes
    7y


    Originally posted by @Bryan Harvey:

    I just got denied by PenFed for an investment property HELOC, because I own more than 3 properties, even though I have no mortgages on them.

    They said the reason that's their policy is they don't want to be in the business of providing loans for real instate investors. 

     Oh wow. That's not good because I was planning on using PenFed for a few of my deals. How'd they find out about the 3 without mortgages?

    Ike

    0Reply
  • Bryan Harvey
    NC · Member since 2017 · 16 posts · 1 vote
    7y

    It never occurred to me that owning properties free and clear would be a negative to my application. Plus, I get a large part of my income from these properties, so I told them about the properties during the application process.

    0Reply
  • Jack Abbott
    Rental Property Investor · Cleveland, OH · Member since 2018 · 23 posts · 12 votes
    7y

    I also just closed a HELOC on an Investment prop in Cleveland

    Also Huntington - 75% LTV

    Appraiser came and did a full inside\out inspection of the entire property\garage etc.  

    fairly easy to work with but they are not as fast as I would like.

    0Reply
  • Luke Terry
    Flipper/Rehabber · Twinsburg, OH · Member since 2017 · 40 posts · 27 votes
    7y

    Signature Federal Credit Union does 100% LTV on owner occupied and 75% of non-owner occupied at prime + 1%

    They are based in Virginia but service all states

    They've been great to work with.

    1Reply
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