Taking Equity From a Rental

[Daniel Leonardis]

I have a rental with significant amount of equity. I want to use that equity as a home equity line of credit (HELOC) to fund my next investment. However I visited my local credit union and they rejected me saying you can only get HELOCs for primary residences.

Before I start calling more banks that are not credit unions, does anyone have any suggestions? I want to access this money I'm open to hearing all options as I'm still starting out.

Thanks in advance,

[Brian G.]

@Daniel Leonardis

Make sure you check out Pen Fed

80% LTV, 12 year draw, Variable at Prime + 1%,, no closing costs unless you need a site visit appraisal, if you have 3 properties or less including you primary they will put a Heloc on any/all, if you have 4 properties including a primary they will ONLY put a Heloc on the primary. You choose I/O payment or P/I payment