Hi,

I have conducted a national search on getting an investor HELOC on a property I own that has doubled in value since I've bought it. It was once my primary residence but I've since rented it and am no longer living in the area. I am well past all tax-favorable primary residence dates. It happens to cashflow quite positively rental wise, and the interest rate I doubt we see again in our lifetimes (30 year fixed, 3.25%, with 23 years left on the note). So I have no incentive to sell it or refinance it. Maybe someday I will 1031 it if I cannot figure out any other strategy.

I have found a handful of firms that would do a HELOC on an investment property (PenFed, TD, Wells) but I am running into underwriting guideline roadblocks on the fact that I have four properties currently being financed. Regardless of the specifics, they are 'auto-rejects' in terms of process. Regardless of my personal situation or that of the properties themselves.

I am trying to work with local banks and credit unions; while that is much more difficult to navigate, and the fixed costs of doing so are high, we haven't even gotten to the point of the question of 4 properties or more - which I now need to start asking up front.

Problem is, at least in the case of TD, I am even being told they won't do a refinancing for me on this property because of '4 being financed', which seems crazy to me.

Does anybody have any ideas or guidance as to how I could proceed to try to pull some equity out of this place?