Attempting to borrow money out of investment property

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I am attempting to borrow money against my investment property that I've owned approximately 6 years. I plan to use the money for rehab on my next property purchase. I was recently told by the bank that holds the loan that they can't offer me a HELOC since it's an investment property. What other options do I have to borrow money out of the property? Thanks

[Mike S.]

@Sharad Peterson

Look for another bank, especially local credit union. Now most lenders have temporarily stopped offering some types of loan but they will probably start again in the next months.

You can get line of credit on non owner occupied properties. Some banks will want you to have them titled under your name, some will accept them titled into LLC.

Some will offer you interest only for 10 or 5 years then repayment amortized after. Some will offer only interest plus principal.

Expect the rate to be higher than for owner occupied (.5 to 2.5% above prime).