All Forum Posts by: Jason Potrzeba

1. 
   If you really like the place but you feel that it is priced too high for your budget, instead of saying “it’s priced too high” and insulting the seller, simply say “I absolutely love your place; it is exactly what I want, and I’d really like to buy it. It’s just more than I can afford, and I don’t want to offend you with a low offer.” If the seller says, “Oh no, feel free to give us an offer”, then there is your invitation.  

@Tom Server

I think that the 203k is not a good fit for your scenario because you are buying the property with cash and the 203k is a mortgage loan that includes the purchase price + the rehab costs. So technically, a 203k will not work for your situation unless you do a refi AFTER you buy it or do not pay cash but do a 203k from the onset. 

Alternatively, you could do an FHA Title I Home Improvement Loan up to $25k.

Hope this helps! 

These all offered equity lines of credit on rental properties when they were added to the list. My guess is this list is 2 to 3 years old. The list will not be accurate so I would use this as a list of potential sources to investigate. 

Good luck

Ridge Lending All in One, first position HELOC
AFCU does 80% LTV on NOO. Utah
Americafirst 80% LTV on noo 65% LTV Uta
Arvest Bank AR, OK, AL, M
Bancorp South, TX Lines of Credit on free and clear house
Bank of Southern California, C
Bank of West (BNP Paribas) 60% LTV CA, AZ, OR
BB&T will loan on a rental portfolio
BBVA, now PNC
BECU for OR
Bellwether Community Credit Union, NH and MA 85% to 100%, draw 10 yrs
BMO Harris, 3 HELOCs to 70% LTV
Boeing Employee Credit Union
California Coast Credit Union San Diego, CA up to 60% CLTV at a rate of Prime + 1
Change Wholesale
Chelsea Groton Bank, CT
Citizens Bank -MN
Citizens, first position HELOC
CMG Financial 70% LTV CMG Financial in Idaho will do 100% on owner occupied.
Coastal Federal Bank of NC
Consolidated CCU, high LTV NOO LOC, OR, WA
East West Bank, up to 60% LTV with "no docs" CA, WA, NV, GA, NY, TX and MA. Super easy.
Eastern CT Savings Bank, CT
Figure 80% on a rental, not in LLC
Finance of America, 95% CLTV, second home only, 680 FICO, not TX
FirstBank CO and AZ 75% LTV
First Florida Credit Union FL
First Commonwealth
First Midwest, IL up to 90% Chicago area
First Tech Federal. OR and other Western states. Up to 80% if FICO is over 780, no appraisal under $250k value.
First Republic - CA
Fremont Bank- CA
Frost Bank - TX
Fulton Bank, PA, NJ
GFA Federal Credit Union 10 yr draw, 10 yr repay, MA, NH
Granite State CU, NH 90-100%
Great Lakes Credit Union, Chicago area IL
GTE Financial, Tampa, Sarasota area FL w 2 yrs tax history on property
Hanscom FCU, TX
HSBC 70%, for premier clients only. FL, NY, MD, CA, VA, NJ,
Horizon Bank, Kalamazoo MI
Huntington MI 75% LTV 5 yr IO product available. Someone reported 80%…need confirmation
Hurst Lending and Insurance Investment property HELOC in Texas. No seasoning. Bridge, portfolio, foreign national and other specialty loan products.
KeyBank, flexible lender, HELOCs on second
homes and rental properties. 90% LTV on primary. BLOC FL, CO, OH, UT, ID
Lafayette Ambassador Bank
Merchants Bank MN See Pavel Ushakov
Mid-Hudson Valley FCU
Mountain America CU Utah, ID, MT, NV, AZ, NM. 85% LTV, promo rate of 1.99%. Can refi an existing mortgage to a shorter term "Mini Mortgage." Currently on pause. Let me know if they start up again.
Navy Federal 80% LTV
Norway Savings Bank, Maine
Omaha Mortgage
Oregonians CU - OR
PenFed - PAUSED. Let me know if they start again. Was max 3 other properties, including primary. 80% LTV, prime + 1%, <4 properties. Pulls Equifax.
Peoples Bank of NC
PSECU up to 80%
Quorum Federal Credit Union 80% LTV, owned by LLC is OK. Very flexible lender. NY. 5 year draw, IO for 5 yrs and PI for 10 year repayment period. FICO at least 680. Not in Texas.
Quontic
Red Canoe Credit Union, WA OR
Regions
River Bank & Trust, AL
Rivermark Credit Union, OR 90% LTV
SCCU Florida 80% LTV, 2.75% first year promo, not LLC
SECU NC 65% LTV rate 2.75% Oct 2021
Signature Federal Credit Union 75% LTV (100% on primary residence), VA
Silvergate Bank, CA
Sound CU "non-owner occupied HELOC, capped at $150K and interest rates are prime + 2%, 3% or 4%, based on credit, not to exceed 70% ltv." CT
SouthEast Bank TN
Symmetry
S&T Bank, PA
TCF Bank, FL, GA
TD Bank 75% line with FICO about 740. Up to 4 properties.
Torrey Pines Bank, see also Western Alliance Bank Corp. Commercial real estate solutions for developers, home builders.
Troy Bank & Trust, AL
Trustco Bank, FL, NY, NJ, MA, VT
Trustmark Bank, TX. Call it a LOC rather than a HELOC
Union Bank, specializes in noo HELOC. KCMO, NE., MUFG.
Upstate Bank in Rochester NY, LOC up to 80%
US Bank 80%. “Business equity line of credit: Use Real Estate as Equity” up to $500k, interest only. gather your business and personal tax returns, financial statements, articles of incorporation and other legal documents.”
Vectra Bank - Colo
Veritex, TX HELOC
Webster Bank, CT
WAFD Bank. Origination fee 1% or $700. Can be in an LLC, max 75% LTV. WA, OR, UT, NV, ID, NM, AZ, TX. All-in-One construction loan, too.
WellsFargo 60% LTV Up to 5 properties.
Workers Credit Union, MA 80-100%
WSFS...up to 70% on rental
Zions Bank, Utah
TEXAS https://www.cutx.org/home-equity-loans/helocs WAFD, Frost, Trustmark