How to access money in an investment property equity

[Michele Galloway]

I own a home in California that has about 100,000 in equity. I'm rehabbing a property in Baltimore, Maryland and want to get $75,000 from the California house. I called Bank of America to open a HELOC, and was told you cannot open a HELOC on an investment property. Can someone advise me how to use the equity in the California House to renovate a new property. I am closing on the house on Monday, and am fine with financing the purchase, but I need cash to have an easy renovation experience. Thoughts?

[Kyle J.]

@Michele Galloway What Bank of America should have told you is that THEY can't do a HELOC on investment properties. There's other lenders that can (i.e. PenFed, Wells Fargo, Union Bank, etc).

Just call around to find a lender will work for you. 

Here’s some things to know and questions to ask when you’re calling around: What You Need to Know When Shopping for a HELOC.