HELOC on Investment Property?
Hi, I have an investment property with about 50% equity in it. I am interested in leveraging the equity to do some more real estate investing. I have approached a few banks (including the current mortgage holder) and a few credit unions about obtaining a HELOC on this property. I have been repeatedly told things like: 1) we don't do HELOCs if we are in second lien position behind the primary mortgage holder 2) we only do HOLs, 3) Etc. I have checked with the primary mortgage holder and they do not offer HELOCs.
Does anyone know of any lenders that will do a HELOC in this situation?
Or does anyone have any other ideas on how to leverage this equity?
Note: I'm not much interested in the home equity loan type of offer as I'm not sure when I would pull the trigger on a another real estate transaction (real estate is the side job).
Thanks in advance.