HELOC on Investment Property?

[Mike Smith]

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.

[Brian Hayes]

Originally posted by @Mike Smith:

FYI, I contacted all of the companies in the posts above asking if they have a HELOC product offering for single home investment property in Ohio when they are not the first mortgage holder.

Navy Federal Credit Union has a product.

Pentagon Federal Credit Union (PefFed) has a product.

Thanks for the help!

 I for one appreciate when people get back on here and update us on their results.... thanks Mike! I was curious about the same product