Any HELOC programs for investment property?

Asked by Latimermc, Chicago, IL - northside of City Fri Oct 17, 2008

I am looking for 75% LTV HELOC for a 3 unit building that I own but do not live in in Chicago.

Help the community by answering this question:

+ web reference
Web reference:

Answers

8
Natashalyn, , Philadelphia County, PA
Fri Feb 12, 2010
BEST ANSWER
I am posting to save anyone else time looking for this product currently I have called 20+ banks

NO - US Bank, Citizens Bank, Bank of America, Sovereign Bank, United Savings, M&T, Republic First, Nova, Conestoga, Citibank, Foundation Financial Group, AIG Bank, SurePoint Lending, PNC, ING, Nationwide Bank, E-Trade Bank, Champion Mortgage

SORT OF - TD Bank is still offering this product but only if you mortgage less than 5 properties

YES - Wells Fargo

IMO - this is something that the regulators SHOULD look at immediately, I am actively trying to buy foreclosures in my neighborhood and have seen this product dry-up in the last few months - without easy financing for investors & contractors HOW I ask is this housing mess going to be cleaned up???
1 vote
Xhaferllari, Home Buyer, Saint Clair Shores, MI
Thu May 20, 2010
Huntington bank does it, but it charges 1% higher interest rate and it only does it in the following states:
Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia residents.

Wells Fargo also does it everywhere.
0 votes
Pizzapie, Both Buyer And Seller, Philadelphia County, PA
Sun Feb 14, 2010
TD Bank denied me for HELOC due to having 4 properties on my credit report (excellent credit and debt/income, wasn't a factor) but referred me to their small business unit. Seems like a HELOC for investment properties is long gone. Thanks Wall Street, take all our government's money...lend less, and eliminate products, great deal that was.
0 votes
Marty S, , Irvine, CA
Tue May 12, 2009
There should be some options for you. Sit down with a mortgage broker to discuss.

I am a mortgage broker. If I can be of service, please let me know!

MSmith@PrecisionFundingUSA.com

Marty

I am on line now!
0 votes
Joy Sinegar, , Chicago, IL
Mon May 11, 2009
My company doesn't do investment home equity deals. They've been doing away with the program at other institutions as well. Your best bet would be to try credit unions and other small local banks in your area. You can try first midwest. Their website is http://www.firstmidwest.com
0 votes
Jacqueline K…, , Centennial, CO
Fri Oct 17, 2008
Hi Latimermc,

I am with Wells Fargo Private Mortgage and may have a couple options for you non owner investment, multi unit. Please give me a call and we can discuss the transaction in detail.

Regards,
Jacqueline Kounkel
303-907-3334
0 votes
Greg Zaccagni, , Illinois
Fri Oct 17, 2008
Try M&I, St.Francis or US Bank. They may still have something left.

http://www.GregZaccagni.com
0 votes
John Brown, , Overland Park, KS
Fri Oct 17, 2008
HELOC programs have been slashed and eliminated over the past year. Among the first to go away was the HELOC on investment properties. I am not aware of any banks that offer them. If you have sufficient equity in your primary residence, perhaps you could take the HELOC on your primary home.

John Brown
Loan Consultant
Web Reference:  http://www.nbofkc.com/jbrown
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more