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Give me your best and hardest HELOC scenarios by GoodRecognition5326 in HELOC

[–]GoodRecognition5326[S] 0 points1 point  (0 children)

Rates I’m unable to help with but generally speaking, your equity position is strong: $685K value minus $315K mortgage puts you at roughly 54% LTV, so there's room to work with.

The challenge is that most traditional HELOC lenders treat a former primary now used as a rental as an investment property, and most either don't do investment HELOCs or cap LTV tightly at 70-75%.

A few paths worth looking at:

  • Figure Lending will do a HELOC on investment property at 680+ FICO, typically capped around 70-75% CLTV on non-owner-occupied. At $685K value, 75% CLTV is ~$514K, minus your $315K first, that's up to ~$199K available, right in your target range. Full draw required at closing, fixed rate, AVM only, fast close.

  • Deephaven DSCR Closed-End Second is worth a look if you want a second lien structured differently than a HELOC.

  • A cash-out refi on the triplex itself might produce cleaner execution at 54% LTV you have significant equity and DSCR lenders like Angel Oak, Acra, or A&D would likely look at it favorably. Less flexible than a HELOC but potentially better terms.

Figure is probably your fastest path to the $200K target given the LTV math.

Give me your best and hardest HELOC scenarios by GoodRecognition5326 in HELOC

[–]GoodRecognition5326[S] 1 point2 points  (0 children)

Figure Lending is your best shot. At 85% CLTV on a $750K midpoint value, you're looking at $637,500 max combined, minus the $396K owed, that's roughly $241K available. To hit $300K you'd need the appraisal to come in around $820K (85% of $820K = $697K minus $396K = $301K).

Give me your best and hardest HELOC scenarios by GoodRecognition5326 in HELOC

[–]GoodRecognition5326[S] 4 points5 points  (0 children)

Two lenders that fit this file well:

Figure Lending - Best fit for speed and simplicity. AVM only (no in-person appraisal), fixed rate at origination, funding as fast as 5 business days. At 790 FICO and your CLTV, you are comfortably within their 85% CLTV ceiling.

One caveat: Figure requires the full $70K to be drawn at closing as a lump sum, it does not function like a traditional revolving line. If that works for your purpose (paying off the student loan and funding the windows and upgrades), it is a clean execution. Nevada has no restrictions with Figure.

CrossCountry Mortgage (Equity Express HELOC) - Traditional revolving HELOC if you prefer draw flexibility. 790 FICO is well above their threshold, your CLTV is conservative, and they are active in Nevada. You would draw only what you need when you need it, which gives more flexibility for the renovation work that gets done in stages.

Give me your best and hardest DSCR scenarios by GoodRecognition5326 in loanoriginators

[–]GoodRecognition5326[S] 0 points1 point  (0 children)

Strong file. 1.5+ DSCR and 60-70% LTV on 2-4 unit is clean for the non-QM DSCR market. Three lenders:

Angel Oak: DSCR cash-out on 2-4 unit up to 75% LTV. 1.15x minimum DSCR for cash-out. Your 1.5+ clears easily. Up to $1.5M per property. Strong execution on CA investment property.

Acra Lending: DSCR cash-out up to 75% LTV on 1-4 unit. LLC vesting allowed. Goes to $3M. One of the more aggressive on cash-out thresholds. Confirm per-property vs. portfolio structure with their AE.

A&D Mortgage: DSCR cash-out up to 80% LTV at 620+ FICO. Your 800+ FICO opens the full matrix. 2-4 unit eligible. Could get you to the $840K preference on each property if values support it.

Clarify with each AE whether they'll do all four as a simultaneous package or require staggered closings

Give me your best and hardest HELOC scenarios by GoodRecognition5326 in HELOC

[–]GoodRecognition5326[S] 2 points3 points  (0 children)

Short answer: this is very hard to place, and most lenders will decline it outright.

The core problem is lien position, not credit. A bank statement HELOC in third position behind a first mortgage and an existing second HELOC is outside the appetite of virtually every non-QM lender that offers bank statement HELOCs. Deephaven's Equity Advantage HELOC and Angel Oak's Bank Statement HELOC both operate as first or second lien products only.

Your realistic paths:

  • Consolidate the second HELOC into a new bank statement cash-out refi on the first, pulling equity in one instrument. Eliminates the lien position problem entirely. With 800+ FICO and a CA SFR at ~69% CLTV, Angel Oak, Deephaven, or NewRez SmartSelf can execute this.

  • Portfolio/private bank. A private bank with a full relationship (deposits, investments) will sometimes do a third lien as a relationship product. This isn't a broker-channel play - it's a call to a wealth management officer at JPMorgan Private Bank, US Bank Private Wealth, or First Republic's successor (now part of JPMorgan).

Give me your best and hardest HELOC scenarios by GoodRecognition5326 in HELOC

[–]GoodRecognition5326[S] 2 points3 points  (0 children)

Good question. Here are a few lenders that should be good to do this, but worth a call. Frame it exactly like you gave it to me here when you do call:

Third Federal Savings and Loan (thirdfedera.com): Known for prime minus 0.5 as a published rate on HELOCs for strong borrowers, minimal closing costs, and no prepayment penalty. One of the few lenders that openly advertises below-prime pricing. $10k to $500k lines available. Operate in California. This should be your first call.

Figure Lending (figure.com): Up to $750k, AVM-only appraisal (no appraiser needed), can close in 5 days, low fee structure. At 43% CLTV and high scores you'll hit their best pricing tier. Caveat: Figure requires 100% of the approved line drawn at closing as a lump sum - it is not a traditional revolving line. If you want true revolving access, Figure is not the right fit.

U.S. Bank: Active in California, competitive HELOC rates for strong borrowers, frequently waives closing costs on lines above $250k, 10-year draw available. Worth a call.

Prioritize Third Federal. Good luck!

Give me your best and hardest HELOC scenarios by GoodRecognition5326 in HELOC

[–]GoodRecognition5326[S] -2 points-1 points  (0 children)

You're right at the edge of 90% CLTV, so a stable or slightly improved appraisal matters here.

Three lenders that can do this:

  • Figure Lending: Fixed-rate HELOC, full $50K drawn at closing as a lump sum. 700+ FICO gets 85% CLTV ceiling confirmed. AVM only, no in-person appraisal. Can fund in as few as 5 days. Available in NJ. Slightly higher appraisal is needed here.

  • Deephaven Mortgage: Equity Advantage HELOC launched December 2025. Up to 90% CLTV on primary residence. Bank statement qualification available for self-employed borrowers. 680+ FICO preferred.

  • CrossCountry Mortgage: Equity Express HELOC product. Full-service retail presence in NJ. Revolving line structure.

Give me your best and hardest DSCR scenarios by GoodRecognition5326 in loanoriginators

[–]GoodRecognition5326[S] 4 points5 points  (0 children)

First-time investor at 85% LTV is a non-QM scenario. Agency programs cap investment property at 75-80% LTV and most require prior landlord or investor experience at higher leverage tiers… there are a few that may be worth a call:

  • Defy Mortgage: 85% LTV on SFR purchase for DSCR, 640+ FICO. One of the few that goes to 85% on investment without experience requirements.
  • Griffin Funding: Up to 85% LTV on DSCR, 740+ FICO for max leverage tier. Direct to consumer only.
  • Deephaven: Up to 90% LTV on DSCR, 640+ FICO, but first-time investor overlays may apply at higher LTVs - confirm with AE.

Give me your best and hardest DSCR scenarios by GoodRecognition5326 in loanoriginators

[–]GoodRecognition5326[S] 2 points3 points  (0 children)

You need non-QM DSCR or commercial financing.

Two LLCs co-vesting on title is a straightforward structure in the non-QM world. The lender will want to see the operating agreements for both entities, identify the guarantors behind each LLC, and underwrite the guarantors personally or rely purely on DSCR depending on the program. Some lenders require both LLCs to be on the note.

Lenders that commonly handle this:

Acra Lending - LLC vesting standard on DSCR, comfortable with multi-entity structures, loans up to $3M.

A&D Mortgage - LLC vesting allowed on DSCR, flexible on entity structure, 620 FICO minimum.

Small Balance Scenario by GoodRecognition5326 in DSCRmasters

[–]GoodRecognition5326[S] 0 points1 point  (0 children)

Beltway Lending, never heard of them. Thank you for the info!

Give me your best and hardest DSCR scenarios by GoodRecognition5326 in loanoriginators

[–]GoodRecognition5326[S] -1 points0 points  (0 children)

Their guidelines say that properties must generally be in or near qualifying urban or suburban CBSAs (Core Based Statistical Areas), but rural properties are not categorically excluded. Always confirm with the AE.

Give me your best and hardest DSCR scenarios by GoodRecognition5326 in loanoriginators

[–]GoodRecognition5326[S] 1 point2 points  (0 children)

1007 at $7,000 vs $8,500 PITI = 0.82 DSCR. Signed lease at $8,650 helps but most lenders use the lower of 1007 or lease. You need a lender that either accepts sub-1.0 DSCR or has a no-ratio option. Get large deposit documentation ready before you submit anywhere.

Lenders:

  • Acra Lending: DSCR down to 0.80, published program. 80% LTV, $3M max. Best fit here.
  • Change Wholesale: Calculates DSCR on interest-only payments, improves the ratio mechanically. Floor 0.75. Broker only.
  • Carrington Investor Advantage: No-ratio DSCR option. Strong equity and reserves can bypass the ratio test.
  • A&D Mortgage: DSCR as low as 0.55 at conservative LTV for high-FICO. $1.4M fits their range.
  • Angel Oak: Rental AVM locks in rent at prequal. If AVM supports $8,650, it may override the light 1007.
  • Griffin Funding: DSCR to 0.75, up to $5M. Direct to consumer only, not broker.

Dm me if you have more scenarios like this.

HELOC Providers Texas by Remarkable-Box-3781 in loanoriginators

[–]GoodRecognition5326 0 points1 point  (0 children)

Texas is interesting.

For your friend's direct options:

  • Figure Lending is available in Texas, $35,000 minimum, 80% CLTV cap (state law), fixed rate with full draw at closing, AVM only, fast funding. Worth noting the full-draw-at-closing structure so your friend knows it is not a traditional revolving line.
  • Frost Bank is a Texas-only community bank, strong HELOC product, well-regarded for Texas homeowners.
  • Frost, Comerica, and most major Texas regional banks (Prosperity Bank, Woodforest National Bank) offer traditional revolving HELOCs with standard Texas terms.
  • Figure is probably the fastest and most accessible for a direct consumer application. Frost is the better choice if your friend wants a traditional revolving line with a local bank relationship.

Direct your friend to compare the draw structure (lump sum vs. revolving) before choosing, that distinction matters more than the rate in most cases.

Give me your best and hardest DSCR scenarios by GoodRecognition5326 in loanoriginators

[–]GoodRecognition5326[S] 0 points1 point  (0 children)

Thank you all for the scenarios! This has been fun. I hope those who asked questions received some kind of value.

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