Tapping into Rental Property Equity without cash out refi
I have an odd situation and I'm hoping someone may know of a solution.
I have a Townhome rental property that has FHA mortgage with a 2.625% rate and I was able to get the PMI removed through a fast track refi earlier this year. I have about 130k in equity in it that I'd like to tap into to help towards purchasing another property. I haven't had any luck finding lenders who will offer a HELOC on it as a rental property, and the solutions I keep being presented with are a cash out refinance options. However, if I do that, I certainly wouldn't be able to keep the 2.625% rate and my monthly expenses would go up quite a bit.
Anyone have any creative ways to reach that equity?