Loan that doesn’t require current home equity as collateral?
I’m about to buy my first investment property (rental condo) using 180k drawn from a heloc against my current home. My plan has been to search for a conventional loan, over the next few months, at a 30yr fixed rate to quickly pay back this heloc.
The two lenders that I’ve spoken two thus far both were intent on a mortgage being secured with my home (valued at around 650k and owned outright). This would certainly be the easiest arrangement but I was kinda hoping to remove this home from the equation. Is there any scenario or loan structure that I might find somewhere that will not seek to leverage my primary home, but instead this soon to be acquired condo as collateral on the loan?
Thanks