HELOC on Investment Property in 2025: 27,229 Lines, Who Made Them, Rates and CLTV (Federal HMDA Data)
Quick Answer
As of October 7, 2026, the newest federal loan-level record (HMDA, 2025) shows that lenders originated 27,229 home equity lines of credit secured by investment property, against 1,157,526 on owner-occupied homes: 2.3% of the lines. The median investment-property line was $115,000 at an 8.5% note rate, 1 point above the 7.5% owner-occupied median, and its combined loan-to-value (CLTV) was 63.6% at the median and 76.2% at the 90th percentile, against 82.9% for owner-occupied lines. Only 5.4% of investment-property lines went to 80% CLTV or more (14.8% on owner-occupied homes). 607 lenders made at least one, but the 15 largest made 42.6% of them, and several of the biggest HELOC banks made almost none: Citizens Bank 56,281 owner-occupied lines and 4 on investment property, Bank of America 55,990 and 86, JPMorgan Chase 5,981 and 0 (our arithmetic). This is origination history, not today's lender policy, and lenders under the federal reporting threshold are missing.
Key Takeaways
- 27,229 investment-property HELOCs were originated in 2025 by 607 lenders, up 32.4% from 20,561 in 2024, while owner-occupied lines grew 11.8%. Investment property was 2.3% of all lines (1.9% in 2024) (our arithmetic).
- The investor premium is about a point on the market and half a point at the same lender: the median note rate was 8.5% on investment property and 7.5% on owner-occupied homes in 2025 (9.35% and 8.5% in 2024). Among the 145 lenders with 30 or more lines of each kind, the median gap was 0.5 point and 66.9% charged more on investment property.
- The CLTV cap shows up at the top, not the middle: the median is the same (63.6% against 63.3%), but the 90th percentile is 76.2% against 82.9% and 5.4% of investment lines reached 80% against 14.8%. In the median lender, the 90th-percentile CLTV was 75% on investment property and 83.9% owner-occupied.
- The 15 largest lenders made 42.6% of the lines; the biggest were FIGURE LENDING, HomeBridge Financial Services, United Wholesale Mortgage, Better Mortgage Corporation, TD Bank. Banks and credit unions made 63.6% of the lines at a median note rate of 8%; mortgage companies and fintechs made 32.7% at 9.55%.
- Most large retail HELOC banks barely appear: PNC 47,221 owner-occupied lines and 21 investment, Truist 24,505 and 2, Huntington 29,253 and 1, Regions 14,002 and 0. TD Bank (800) and Navy Federal (764) are the large exceptions.
- 60.8% of investment-property lines sit behind a mortgage (second lien) and 39.2% are first liens on properties with no other mortgage; 59.8% were reported as business or commercial purpose. Kiavi, Lima One and Investor Mortgage Finance (the lender entity Visio names) reported no open-end line in 2024 or 2025: they are the cash-out refinance route, not a HELOC.
CSV · 790 rows
HELOCs on investment property vs owner-occupied homes in federal HMDA data, 2024-2025
Originated open-end lines of credit in loan-level HMDA data, investment property against principal residence: counts, limits, rate and CLTV distributions, lien and purpose splits, lender type, 25 largest investment-property lenders, 15 big banks side by side, 15 states, same-lender comparisons and the Regulation C rules cited. One source per row.
What a HELOC on an investment property looked like in the 2025 record
Search results for this topic are lender pages, forums and advice that says some lenders will and many will not, without a count. The federal Home Mortgage Disclosure Act (HMDA) record has the count. Lenders above a size threshold report every open-end line of credit they originate, with its credit limit, note rate, combined loan-to-value ratio (CLTV), lien position, state, occupancy and lender, and the FFIEC publishes the file loan by loan. We downloaded the nationwide originated-loan files for 2024 and 2025 on October 7, 2026, kept the open-end lines secured by investment property (occupancy code 3, which the regulation defines as a property the borrower does not occupy) and, for comparison, those secured by the borrower's principal residence (code 1), and computed everything below (our arithmetic; the extract and scripts are in the data folder).
HELOCs on investment property vs owner-occupied homes, originated open-end lines, 2024 and 2025
| Measure | Investment property 2025 | Owner-occupied 2025 | Investment property 2024 | Owner-occupied 2024 |
|---|---|---|---|---|
| HELOCs and other open-end lines originated | 27,229 | 1,157,526 | 20,561 | 1,035,622 |
| Total credit limits | $10.45 billion | $168.50 billion | $4.97 billion | $136.70 billion |
| Total credit limits, lines under $2 million | $4.79 billion | $165.86 billion | $3.44 billion | $134.82 billion |
| Lenders with at least one line | 607 | 1,114 | 604 | 1,107 |
| Median credit limit | $115,000 | $105,000 | $105,000 | $95,000 |
| Median note rate at account opening | 8.5% | 7.5% | 9.35% | 8.5% |
| Note rate, middle half (25th to 75th percentile) | 7.5% to 9.55% | 6.49% to 8.29% | 8.5% to 10.25% | 7.5% to 9.5% |
| Note rate, 90th percentile | 10.6% | 9.6% | 11.25% | 10.875% |
| Median combined loan-to-value (CLTV) | 63.6% | 63.3% | 63.1% | 65.1% |
| CLTV, 90th percentile | 76.2% | 82.9% | 78% | 83.9% |
| CLTV, 95th percentile | 80% | 87.1% | 80% | 87.8% |
| Share of lines at CLTV 80% or more | 5.4% | 14.8% | 6.3% | 15.8% |
| Share secured by a second lien | 60.8% | 78.2% | 58.5% | 80.2% |
| Share reported as business or commercial purpose | 59.8% | 0.4% | 60.9% | 0.5% |
Two cautions on the dollar rows. 187 of the 2025 investment-property lines are $2 million or more and add up to $5.66 billion of the $10.45 billion total; they look like commercial credit facilities secured by dwellings rather than home equity lines, and include 13 lines by Wells Fargo Bank, all reported as business purpose, the largest $2,520,005,000 (our arithmetic). That is why the table also shows the total for lines under $2 million. The medians and percentiles are not moved by them. Second, the rate is the rate at account opening, which can be an introductory or promotional rate (12 CFR 1003.4(a)(21)), and the file does not follow the line after it adjusts.
Investment property is a small corner of the market, 2.3% of lines, but a growing one: 20,561 lines in 2024 and 27,229 in 2025, up 32.4%, against 11.8% for owner-occupied lines. The median investment-property note rate fell 0.85 points in a year, from 9.35% to 8.5%, and the same lenders did the lowering: of the 44 lenders with at least 100 investment-property lines in both years, 40 cut their median rate, 4 held it and 0 raised it, and the median lender lowered its median rate by 1 point (our arithmetic).
The 15 lenders that make most investment-property HELOCs
607 lenders reported at least one investment-property line in 2025, 306 reported 10 or more, 60 reported 100 or more and 4 reported 1,000 or more. The 5 largest made 22.9% of the lines and the 15 largest 42.6%. Names are as filed with HMDA; the type label comes from the lender's federal agency code (a code of 7 means a non-depository institution, per the FFIEC 2025 filing guide), and CFPB-coded lenders are split by whether the filed name is a bank, credit union or savings institution.
The 15 largest investment-property HELOC lenders in 2025
| Lender (name as filed) | Type | Lines 2025 | Share of all | Lines 2024 | Median line | Median rate | Median CLTV | CLTV 90th pct | Investment share of its lines |
|---|---|---|---|---|---|---|---|---|---|
| FIGURE LENDING LLC | Mortgage company or fintech | 1,688 | 6.2% | 1,392 | $75,000 | 9.05% | 65.5% | 70% | 5.1% |
| HomeBridge Financial Services, Inc | Mortgage company or fintech | 1,311 | 4.8% | 276 | $115,000 | 10.97% | 68.6% | 70% | 10.8% |
| United Wholesale Mortgage | Mortgage company or fintech | 1,240 | 4.6% | 936 | $135,000 | 9.125% | 66.6% | 74.9% | 8.4% |
| Better Mortgage Corporation | Mortgage company or fintech | 1,185 | 4.4% | none | $105,000 | 9.375% | 65% | 74.9% | 29.1% |
| TD Bank | Bank or credit union | 800 | 2.9% | 795 | $125,000 | 9.34% | 71.4% | 75% | 5.7% |
| Navy Federal Credit Union | Bank or credit union | 764 | 2.8% | 653 | $75,000 | 9.75% | 59.2% | 70% | 3.1% |
| The Loan Store, Inc | Mortgage company or fintech | 685 | 2.5% | 409 | $95,000 | 9.35% | 66.5% | 70% | 10.1% |
| SPRING EQ, LLC | Mortgage company or fintech | 623 | 2.3% | 410 | $105,000 | 10.375% | 69.6% | 80% | 5.4% |
| State Employees' Credit Union | Bank or credit union | 601 | 2.2% | 741 | $75,000 | 6.5% | 52.4% | 65% | 4.4% |
| CMG MORTGAGE INC | Mortgage company or fintech | 560 | 2.1% | 398 | $235,000 | 8.307% | 70% | 75% | 12.7% |
| AMERICA FIRST FEDERAL CREDIT UNION | Bank or credit union | 494 | 1.8% | 463 | $125,000 | 9.24% | 79.8% | 84% | 5.6% |
| East West Bank | Bank or credit union | 451 | 1.7% | 371 | $365,000 | 8.25% | 50% | 50% | 33.3% |
| SCHOOLSFIRST FCU | Bank or credit union | 443 | 1.6% | 362 | $155,000 | 7% | 46.1% | 69.8% | 5.4% |
| Desert Financial Credit Union | Bank or credit union | 389 | 1.4% | 271 | $105,000 | 6.49% | 46.8% | 50% | 4% |
| IDAHO CENTRAL CREDIT UNION | Bank or credit union | 370 | 1.4% | 246 | $150,000 | 8% | 69.6% | 70% | 6.3% |
Read the last column as appetite. Figure and UWM make this loan to a small slice of their HELOC business (5.1% and 8.4%), but at a very large scale; Better Mortgage puts 29.1% of its lines on investment property, and East West Bank 33.3%. Rates differ by a lot: among these 15, the median note rate runs from 6.49% (Desert Financial Credit Union) to 10.97% (HomeBridge Financial Services, Inc). The 90th-percentile CLTV runs from 50% (East West Bank) to 84% (AMERICA FIRST FEDERAL CREDIT UNION), so the limit you can get depends on the lender more than on the property type.
Who made the lines, by lender type
| Lender type (investment-property lines) | Lines 2025 | Share 2025 | Median rate 2025 | Lines 2024 | Share 2024 | Median rate 2024 |
|---|---|---|---|---|---|---|
| Banks and credit unions | 17,308 | 63.6% | 8% | 14,977 | 72.8% | 9% |
| Mortgage companies and fintechs | 8,914 | 32.7% | 9.55% | 4,440 | 21.6% | 10.5% |
| Lenders with fewer than 10 lines (not classified) | 1,007 | 3.7% | 8% | 1,144 | 5.6% | 8.75% |
Banks and credit unions made most of the lines, and at lower rates, but their share fell between 2024 and 2025 as mortgage companies and fintechs grew from 4,440 to 8,914 lines (our arithmetic).
The big HELOC banks: lots of owner-occupied lines, almost no investment-property lines
The most common advice is that large banks do not lend HELOCs against rental property. The origination record agrees for most of them, and it is more specific than a policy page. For the largest owner-occupied HELOC lenders we counted both kinds of line.
Owner-occupied vs investment-property open-end lines at large banks, 2025 and 2024
| Lender | Owner-occupied lines 2025 | Investment lines 2025 | Investment share of its lines | Owner-occupied 2024 | Investment 2024 |
|---|---|---|---|---|---|
| Bank of America NA | 55,990 | 86 | 0.2% | 54,172 | 54 |
| CITIZENS BANK, NA | 56,281 | 4 | 0% | 43,333 | 0 |
| PNC BANK N.A. | 47,221 | 21 | 0% | 42,979 | 26 |
| TRUIST BANK | 24,505 | 2 | 0% | 19,553 | 0 |
| Huntington National Bank | 29,253 | 1 | 0% | 29,624 | 2 |
| US BANK, N.A. | 21,587 | 12 | 0.1% | 20,732 | 14 |
| Navy Federal Credit Union | 23,771 | 764 | 3.1% | 19,596 | 653 |
| Fifth Third Bank, National Association | 23,464 | 246 | 1% | 15,239 | 137 |
| REGIONS BANK | 14,002 | 0 | 0% | 12,494 | 2 |
| M&T BANK | 13,079 | 0 | 0% | 11,509 | 0 |
| TD Bank | 13,197 | 800 | 5.7% | 12,756 | 795 |
| JPMorgan Chase Bank, NA | 5,981 | 0 | 0% | 387 | 8 |
| Citibank, NA | 2,231 | 0 | 0% | 1,612 | 0 |
| KEYBANK NATIONAL ASSOCIATION | 1,942 | 1 | 0.1% | 1,817 | 0 |
| Flagstar Bank NA | 1,218 | 33 | 2.6% | 3,495 | 1 |
Citizens Bank, Bank of America, PNC, Truist and Huntington together made 213,250 owner-occupied lines in 2025 and 114 on investment property (our arithmetic). Regions, M&T and Citibank made none that year. The exceptions are TD Bank (800 lines, 5.7% of its HELOCs), Fifth Third (246, 1%) and Navy Federal Credit Union (764, 3.1%), plus the smaller banks and credit unions in the 15-lender table. Two limits on this reading. A count of near zero can mean a written policy against investment property, a product that is simply not offered on it, or lines booked under a different record, and the file cannot tell them apart. And it is a record of 2024 and 2025: lender policies change, so ask before you apply.
The investor lenders you may have in mind. Kiavi Funding, Lima One Capital, RCN Capital, Velocity Commercial Capital, Anchor Loans and Investor Mortgage Finance LLC (the entity named in Visio Lending's website footer) are all HMDA filers in the same files, and none of them reported a single open-end line of credit in 2024 or 2025 (our arithmetic over the extract). They make closed-end loans: short-term investor loans and 30-year rental loans, the cash-out refinance route. Our hard money loan rates and DSCR loan rates pages have their record.
What a HELOC on a rental costs: the investor premium
Share of lines by note rate at account opening
| Note rate at account opening | Investment 2025 | Owner-occupied 2025 | Investment 2024 | Owner-occupied 2024 |
|---|---|---|---|---|
| Under 6% | 3.6% | 18.3% | 2.2% | 7.6% |
| 6% to under 7% | 7.9% | 17% | 2.3% | 10.1% |
| 7% to under 8% | 21.1% | 31.3% | 10.9% | 16% |
| 8% to under 9% | 27.5% | 17.8% | 23.1% | 29.3% |
| 9% to under 10% | 23.2% | 7.6% | 27.5% | 19.5% |
| 10% or more | 16.7% | 7.9% | 34% | 17.6% |
On the whole market the investor premium was 1 point in 2025 (8.5% against 7.5%) and 0.85 point in 2024 (9.35% against 8.5%). Of the investment-property lines, 99.5% carried a rate in the file; the middle half was 7.5% to 9.55% and the 90th percentile 10.6%. 18.3% of owner-occupied lines opened under 6% and 3.6% of investment lines did; 16.7% of investment lines were at 10% or more against 7.9%.
Part of the gap can be who lends: among investment-property lines, mortgage companies and fintechs had a 9.55% median note rate against 8% at banks and credit unions. Comparing the same lender with itself isolates the price of the property type:
Same lender, both property types
| Same-lender comparison (lenders with 30+ lines in both groups) | 2025 | 2024 |
|---|---|---|
| Lenders compared on note rate | 145 | 123 |
| Median gap, investment minus owner-occupied (points) | 0.5 | 0.5 |
| Charge more on investment property | 66.9% | 61% |
| Charge the same median | 17.2% | 20.3% |
| Charge less on investment property | 15.9% | 18.7% |
| Lenders compared on CLTV | 141 | 122 |
| Median lender 90th-percentile CLTV, owner-occupied | 83.9% | 80.4% |
| Median lender 90th-percentile CLTV, investment | 75% | 75% |
| Lenders whose investment 90th-percentile CLTV is lower | 88.7% | 85.2% |
At the typical lender the investor premium was 0.5 point, not a full point, and 33.1% of the 145 lenders charged the same median or less on investment property (our arithmetic). The first five rows are about price; the last four are about the cap.
The CLTV cap: where investment-property lines stop
CLTV is all debt secured by the property, first mortgage plus the new line, divided by the value the lender relied on (12 CFR 1003.4(a)(24)). The median is nearly the same for both property types, about 63.6% against 63.3%, because most lines are far below any cap, often small lines on a property with a large cushion. The caps show up in the tail.
Share of lines by combined loan-to-value
| Combined loan-to-value | Investment 2025 | Owner-occupied 2025 | Investment 2024 |
|---|---|---|---|
| Under 60% | 43.8% | 45.1% | 44.7% |
| 60% to under 70% | 24.6% | 16.9% | 24.4% |
| 70% to under 75% | 17.6% | 9% | 15.5% |
| 75% to under 80% | 8.6% | 14.3% | 9.1% |
| 80% to under 85% | 4.3% | 8% | 4.9% |
| 85% to under 90% | 0.7% | 5.3% | 0.9% |
| 90% or more | 0.4% | 1.5% | 0.4% |
In 2025, 26.2% of investment lines fell between 70% and 80%, just below the 75% and 80% limits that would bind there, and only 5.4% went above 80% (14.8% on owner-occupied homes) (our arithmetic). At lender level, of the 141 lenders with 30 or more CLTV-reporting investment lines, 80.9% had a 95th-percentile CLTV of 80% or less, 48.9% had 75% or less, and 2.8% had 90% or more. The same-lender table above shows the median lender's 90th percentile at 75% on investment property and 83.9% on owner-occupied homes, and 88.7% of lenders were lower on investment property. These are observed distributions, not published caps.
What the observed cap does to the line. A rental worth $400,000 with a $200,000 first mortgage has $200,000 of equity before any line. At a 75% CLTV the combined debt can reach $300,000, so the line is limited to $100,000; at 80% it is $120,000; at 70% it is $80,000 (our arithmetic). At an 85% CLTV, the level reached by roughly one owner-occupied line in 15, the same value would support $140,000 (our arithmetic). The median investment-property line in 2025 was $115,000 and the 75th percentile $215,000.
First liens, second liens and business-purpose lines
Investment-property lines by lien position and purpose, 2025
| Investment-property lines, 2025 | Lines | Share | Median line | Median rate | Median CLTV | CLTV 90th pct |
|---|---|---|---|---|---|---|
| First lien (no other mortgage ahead) | 10,677 | 39.2% | $165,000 | 8% | 55.5% | 77% |
| Second lien (behind a mortgage) | 16,552 | 60.8% | $105,000 | 9% | 65.6% | 75.5% |
| Business or commercial purpose | 16,279 | 59.8% | $125,000 | 8.5% | 63.8% | 76.7% |
| Not business purpose | 10,938 | 40.2% | $105,000 | 8.5% | 63.1% | 75.4% |
60.8% of the investment-property lines were second liens, taken behind an existing mortgage, with a median $105,000. The first-lien lines, on properties with no other mortgage reported, were larger (median $165,000) and lower in CLTV (median 55.5%) and cheaper (8% against 9%). If you own the property free and clear, this is the part of the market you are in. About 59.8% of investment lines were reported as made primarily for a business or commercial purpose; that is allowed in HMDA only for purchase, improvement and refinancing lines (12 CFR 1003.3(c)(10)), so business-purpose lines taken for other uses are not in the file at all. Interest and tax treatment depend on what the money is used for, which is a question for your tax adviser.
HELOC on an investment property by state
The 15 largest states for investment-property HELOCs in 2025
| State | Investment lines 2025 | Share of US | Investment share of the state's lines | Median line | Median rate, investment | Median rate, owner-occupied | Gap (points) | Median CLTV |
|---|---|---|---|---|---|---|---|---|
| California | 4,405 | 16.2% | 4.2% | $155,000 | 8.875% | 7.75% | +1.125 | 56.8% |
| Florida | 1,769 | 6.5% | 2.5% | $105,000 | 9.125% | 7.5% | +1.625 | 65% |
| Colorado | 1,420 | 5.2% | 4.5% | $125,000 | 8.25% | 7.89% | +0.36 | 62.5% |
| North Carolina | 1,200 | 4.4% | 2.2% | $85,000 | 6.75% | 6.95% | -0.2 | 59.5% |
| Arizona | 1,064 | 3.9% | 3.4% | $105,000 | 8.35% | 7.5% | +0.85 | 50% |
| Pennsylvania | 1,058 | 3.9% | 1.5% | $105,000 | 8% | 6.99% | +1.01 | 69% |
| Washington | 1,048 | 3.8% | 2.9% | $125,000 | 9.375% | 7.5% | +1.875 | 59.5% |
| Virginia | 797 | 2.9% | 2.3% | $95,000 | 9.075% | 7.5% | +1.575 | 66% |
| New Jersey | 731 | 2.7% | 1.9% | $155,000 | 9.34% | 7.4% | +1.94 | 66.9% |
| Utah | 691 | 2.5% | 3.2% | $135,000 | 9.24% | 7.24% | +2 | 70% |
| Tennessee | 679 | 2.5% | 2.4% | $155,000 | 8.004% | 7.5% | +0.504 | 66.6% |
| Oregon | 659 | 2.4% | 3.1% | $105,000 | 8.75% | 7.5% | +1.25 | 61.6% |
| Georgia | 621 | 2.3% | 1.9% | $105,000 | 9% | 7.5% | +1.5 | 62.3% |
| Hawaii | 616 | 2.3% | 11.7% | $255,000 | 5.868% | 5.868% | 0 | 56% |
| New York | 614 | 2.3% | 1.1% | $185,000 | 9.34% | 6.99% | +2.35 | 65.8% |
The gap column is the state's median investment-property rate minus its owner-occupied rate. It ranges from -0.2 to +2.35 points across these states, so the national point of premium is an average of very different markets: in New York it was the widest, and in North Carolina the investment median was below the owner-occupied one. California alone is 16.2% of the lines (4,405). Hawaii's investment lines are 11.7% of its HELOCs, the highest share of any state in the table.
What this data cannot see, and the rules behind it
HMDA is a record of reportable originations. It is a census for the lenders it covers and a blind spot for the rest.
| Rule | Citation | What it does to this data |
|---|---|---|
| Open-end line of credit means credit secured by a lien on a dwelling | 12 CFR 1003.2(o) | A HELOC is covered; the line must be an open-end credit plan secured by a dwelling. |
| A dwelling includes investment properties | Comment 2(f)-1 | Rental houses and condos are inside the record, not only the borrower's home. |
| Investment property is one the borrower does not or will not occupy | Comment 4(a)(6)-4 | This is how the occupancy field (code 3) is filled in; it is the lender's call from the application. |
| An institution must have originated 200 open-end lines in each of the two preceding calendar years | Comment 3(a)-5; 12 CFR 1003.3(c)(12) | Lenders below that volume do not report their HELOCs at all. This is why many small credit unions and community banks are missing. |
| Example: a bank with 175 and 185 open-end lines in the two preceding years | Comment 3(c)(12)-1 | Its open-end lines are excluded transactions, though its closed-end mortgages are still reported. |
| Business-purpose lines are covered only if home improvement, home purchase or refinancing | 12 CFR 1003.3(c)(10); comments 3(c)(10)-1 and -3 | A line taken for another business use is not reported. Lines for buying or improving a single-family investment property, or refinancing, are. |
| Interest rate is the rate applicable at closing or account opening | 12 CFR 1003.4(a)(21) | The file shows the opening rate, not what the line costs after it adjusts. |
| Combined loan-to-value is all debt secured by the property over the value relied on | 12 CFR 1003.4(a)(24) | CLTV includes the first mortgage plus the new line. |
| Insured banks and credit unions with fewer than 500 open-end lines in each of the two preceding years may skip optional data | 12 CFR 1003.3(d)(3), (d)(1)(iii) | Rate and CLTV can be blank or marked exempt for those lenders; both are reported on over 98% of the lines here. |
- Small lenders are missing. The 200-open-end-line test in 12 CFR 1003.3(c)(12) is applied to each of the two preceding calendar years. A credit union that originates 150 HELOCs a year does not report any of them, even if it reports its closed-end mortgages. The eCFR source note for the section lists its last amendment as 87 FR 77981 (Dec. 21, 2022). The 607 lenders in this file are those above the line, or smaller ones that report voluntarily (comment 3(c)(12)-2).
- Applications and denials are not in this count. We counted originated lines (action taken code 1). We did not measure how many investors applied and were turned away.
- No fees, no draw terms. The public file has no annual fee, draw period, margin, index or cap for these lines, only the opening rate.
- Occupancy is the lender's determination. It is made from the application (comment 4(a)(6)-4). Code 2, second residence, is a separate group that we did not count, so HELOCs on second homes are not in these figures.
- Not every figure is a policy. A lender that made 0 or 4 investment-property lines may have a policy, a pilot or none.
What a borrower can do with this
- Start with the list, then ask. Before you apply for a HELOC on a rental, check whether your lender is among the 60 that made 100 or more investment-property lines in 2025, and, if not, ask in writing whether it lends on non-owner-occupied property at all. An application can mean a credit pull for a product it does not offer.
- Budget a point and a lower cap. In this record the typical rate was 0.5 to 1 point above the owner-occupied rate, and investment lines rarely went past 80% CLTV.
- Use the last column of the lender table. TD Bank and Navy Federal made hundreds of lines. East West Bank put 33.3% of its HELOCs on investment property and Better Mortgage 29.1%, which suggests a regular product rather than an exception.
- Know what you are borrowing against. A second-lien line is limited by your first mortgage; a first-lien line on an unencumbered rental has more room (median $165,000).
- If the aim is large, fixed and long, compare the closed-end route. A cash-out refinance on a rental, usually a DSCR loan, is the product investor lenders actually offer; see how it prices on our DSCR loan rates page, what the qualifying test is in what is a DSCR loan, and how the refinance works in how to refinance a DSCR loan.
Kiavi pays us a referral fee when a loan closes through its button in the box below. None of the three lenders in the box offers a HELOC: they make closed-end investor loans, short-term loans and 30-year rental loans, which is the cash-out refinance route described above and not a line of credit. The HMDA figures on this page are the same either way.
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FAQ
Loan-level data: FFIEC/CFPB HMDA Data Browser, nationwide originated loans for 2024 and 2025, downloaded October 7, 2026 (request URLs in the data file; the API has no open-end or occupancy filter, so the nationwide originated file was streamed and filtered locally to open-end lines on investment property and principal residences, reverse mortgages excluded; the investment-property extract and the raw loan records used as evidence are in the sources folder). Lender names and federal agency codes from the FFIEC public institutions API and filer lists, read October 7, 2026, and the FFIEC 2025 HMDA Filing Instructions Guide; coverage rules from 12 CFR 1003.2, 1003.3 and 1003.4 and the Supplement I official interpretations (eCFR); field definitions from the FFIEC public LAR data fields; Visio's originating entities from its website footer. All counts, percentiles, medians, shares, gaps and the worked line example are our arithmetic. This is analysis of public documents and the law, not investment, legal or tax advice, and not a loan offer.
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1031 Exchange on a Primary Residence: Why It Fails, What Section 121 Does Instead, and How to Use Both
A home you live in cannot be 1031-exchanged, because section 1031(a)(1) covers only property held for business or investment. The tool for a residence is the section 121 exclusion: $250,000 of gain ($500,000 on a qualifying joint return) after 2 years of use in the last 5. Rev. Proc. 2005-14's own numbers show how to use both on one property, and the 5-year rule and nonqualified-use rule decide what happens when a 1031 rental becomes your home: in our worked example, $480,000 of a $730,000 gain is taxable for a single filer.
- 0228 min read
1031 Qualified Intermediary: What the Law Requires, the 8 State Laws, and What Exchangers Lost When QIs Failed
There is no federal license for a 1031 qualified intermediary. Treas. Reg. 1.1031(k)-1(g)(4) only says who cannot be one. We read the regulation, the eight state statutes we could verify (California, Colorado, Connecticut, Maine, Nevada, Oregon, Virginia, Washington), the LandAmerica 1031 Exchange Services bankruptcy filings and the Justice Department records on the 1031 Tax Group and Vesta Strategies. Bond and insurance minimums by state, who is a disqualified person, how the money must be held, and a checklist of questions for a QI, each tied to its source.
- 0326 min read
1031 Exchange Rules for 2026, From the Code Itself (Plus What 2023 IRS Data Shows)
Every 1031 exchange rule with the section it comes from: real property only since 2018 (Treas. Reg. 1.1031(a)-3), the 45/180-day limits, the 3-property, 200% and 95% identification rules, boot and mortgage relief, the two-year related-party rule, vacation homes (Rev. Proc. 2008-16), TICs, DSTs, reverse exchanges and disaster relief. The 2025 tax law (P.L. 119-21) did not amend section 1031. And IRS Statistics of Income line-item data: individuals filed 54,746 Forms 8824 for 2023 and deferred $23.7 billion, half the 2022 amount.