Rental Property Investor · Laguna Hills, CA · Member since 2016 · 9 posts · 4 votes
Hello everybody! Happy Friday.
I currently have an investment property that appraises at $900k. My primary mortgage is at $550k and dropping. I have a $50k HELOC with a balance of $47k. I want to pull a $100k line of credit, pay off the current HELOC balance and only have my new HELOC and the primary mortgage. This puts me at a 66% LTV. The problem I'm running into is that lenders require a 60% LTV on investment properties which seems insane to me, or they just don't lend on investment properties. Any ideas on how I can pull this equity out? Any recommendations on lenders? I'm stuck here.