HELOC on NYC Investment Property

[Matt Kun]

I currently have a rental property that is in a co-op in Manhattan. I am looking to take out a HELOC but am running into some issues where even the banks or credit unions that offer HELOC's on investment properties don't lend to co-ops. Does anyone have any advice on ways around this?

[Jason Lee]

I had a heloc on a co-op but it was a primary residence at the time. It was with Bank of New York before they merged with Mellon so not sure if they still do them. I'd also try NCB, and this is where a good mortgage broker might come in handy. PM me if you'd like referrals. Keep in mind, most co-ops have to approve helocs so if this started out as a primary residence the board might want to look at your current debt-to-income which might or might not open up a can of worms.