HELOC Lender Information Requested

[Tyren Robinson]

A lot of information within the real estate space sounds good in theory, but the application seems more daunting. I own a SFH rental property in Clarksville, TN, and have been trying to obtain a HELOC on the property. I reached out to several banks and was informed I cannot get a HELOC, because the property is a rental. There is about $120K in equity I want to leverage. The mortgage is $1,470 and I have been renting the property for $2,300 for the last three years. I assumed this would be beneficial to me obtaining a HELOC, but it has not been favorable in my quest. Does anyone know of a lending institution that does HELOCs on rental properties? Any information provided would be greatly appreciated.

[Tyren Robinson]

@John Williams, thank you very much! I have a Fortera credit card with my highest credit limit, but never entertained the idea of a HELOC from Fortera. I truly appreciate the feedback. Additionally, I hope to be able to connect with you if possible.