Heloc on Vacation Rental Property
We have been trying to get a home equity line of credit on our vacation rental property in Cape Cod. This is currently the only property we own and we rent it out for approximately 14 weeks out of the year. It is considered an investment property on our tax return. We have tried multiple banks but continue to get denied because they won’t lend on investment properties. Does anyone know of a bank we could contact that is open to lending on rental properties?
Some more information…
We just had an appraisal done through DCU and it came back at $460,000. Our mortgage is currently $312,000. We would like to take out as much as possible. Any advice or guidance would be greatly appreciated. Thank you in advance!