HELOC on rental property

[Andrew McManus]

Does anyone here have experience getting an equity line of credit on a rental property? I have about $200,000 equity in a rental property in California and I currently live in Colorado. I’m getting shot down by every local bank and credit union that I call. The banks i called in CA won’t loan on non-primary residences and the CO banks that can loan on rentals can’t use a CA property. Any lender referrals would be appreciated.

Thanks!

[Daniel Kim]

@Kyle Tipton I opened a HELOC on an investment property in California through PenFed just last month. They go up to 80% LTV on non-owner occupied and it took almost 45 days to get it done.