LOC on Investment Property?

[Amanda Gisonni Kittredge]

Hi everyone, I am curious if anyone has had experience getting a form of a HELOC on an investment property? If so, was there a specific bank that you used? I called about 4 local banks yesterday and so far it is a no go. Cash out Refi is not an option because I initially purchased this property as owner occupied so I was able to get a really low interest rate, refinancing would result in a higher interest rate and I would not cash flow. I have equity in my property and I would love to get it out to invest in another property. Any thoughts or ideas are greatly appreciated!

Amanda Gisonni, Licensed Real Estate Agent in NY (10401335254)

[Shawn Mcenteer]

@Amanda Gisonni Kittredge yes it can be done, stricter guidelines since it is not your primary.  I used a credit union in North Jersey a few years back.  I will be in the same position with another property over the next few months.