Equity Loan on Investment Property
I have several SFR properties in Johnson County Kansas (Suburban Kansas City). These properties are financed on 30 year fixed rate mortgages with rates that are below what I can get today with refinancing. I would like to be able to use the equity in some of these properties to buy additional properties but I don't want to refinance the properties that I currently own and end up with a higher rate. I would like to take an equity loan against properties that I have. This would keep the main loan at a low interest rate and still give me the cash that I need for additional down payments. This issue that I'm finding is that when I talk to banks, they don't want to do an equity loan on investment property (they all just want to refinance and hold the 1st lien on the property). Does anyone know of lenders, local in Kansas City or not, that will do an equity loan on investment property? (I understand that the first mortgage and equity loan combined likely won't be allowed to exceed 75% LTV) Thanks!