All Forum Posts by: James Leos

Team, no luck for me so far but I do appreciate all the feedback. I've had a few lenders that do not have a HELOC product tell me that they may have one in the coming weeks/months, so that's good news.

For anyone else looking for HELOC for investment properties in Arizona this is what I've found so far:

Lenders that will do HELOC on a single family or 2 unit investment (non-owner occupied) property:

Bank of West (BNP Paribas)

PNC

Mountain America

US Bank

WaFd

BMO Harris

Desert Financial

Quorum

First Bank

So far I haven't found anyone that will touch a 3-4 unit, If anyone has gotten a HELOC on a fourplex in AZ please let me know who you used.

I'm looking for a HELOC so I can renovate units as they turnover and I just cash out refi'd in 2020 so would like to keep the low rate primary...I may look into second position loan if I'm not getting any traction in the coming weeks.

Cheers.

Lenders that will not do HELOC on an investment (non-owner occupied) properties (for now, may change):

PenFed

Navy Federal

Citizens Bank

Key Bank

OneAZ

WSECU

Alhambra CU

Pinal County CU

TruWest

Corporate America Family CU

Arizona Financial CU

Landings CU

San Tan CU

NuVision

AERO Federal

Alaska USA

Marisol CU

Banner Federal

Vantage West

Countless others...

@Kerry Baird thanks for the tip. I found one lender last week that would HELOC an investment property and they pulled my credit, then when it got to the underwriter they said they can't do a fourplex (they only do single family)...so now, I am getting very specific before going too far into the process with anyone. I'll start calling your list next week and will let you know if I have any luck.

 @Kerry Baird and @Andrew Garcia   thank you! this is great, much appreciated

Hello,

I'm looking for a HELOC for a fourplex in Tempe, AZ. I've called every credit union and the big banks don't seem to be doing HELOCs right now...anybody have recommendation?

Thank you!

James

Hello All,

I'm refinancing a fourplex in Phoenix and am having a little hang up with the appraisal.

The property is all wall AC units, tenants use space heaters to supplement when needed during the winter.

The appraisal is subject to installing heating sources.  I've had a couple people look at it and it seems the only fix would be to install central ac systems, installing heating base boards won't work at this property.

My question is, is it required by law for the landlord to provide a heating source in Phoenix/Maricopa County?  I see properties with only wall ACs selling all the time.  Anybody with wall AC units what are you doing about heat?

Thank you,

James

I'm trying to refinance a fourplex but cannot find a bank that will do a refi on a multi family right now, any recommendations? My LTV is less than 50%. Thanks.

http://www.opendoor.com/

Businesses will be starting to use the data out there to do deals instantly, however something like this will likely have a greater effect on the we buy ugly houses people than realtors

Jon & David, thanks for your feedback, much appreciated

Jon, thanks for the reply, yeah, this was just some initial feedback from him, hes running it by his financial advisor and will get a more solid answer, was just curious if anyone understood what he meant or intended to say, like if libor is .55, the rate would be 4.55%?

Hi BP,

I'm doing a cash out refi from a seller carried property I purchased in 2012. That same seller is interested in financing a new property for me, but with different terms. This is what his initial feedback was: rate will be about 4 points on top of the adjustable rate LOC I have (which is based on LIBOR or the equivalent U.S. benchmark) also the rate will be adjustable yearly on its anniversary...how can I convert what that rate is today, I understand it will change annually.

Thanks!