Trouble refinancing or HELOC for an investment condo

[Charles Mullins]

Hi everyone, we purchased an investment condo that our daughter will be using for a few years. Due to the # of investors we needed to pay cash for the property. My goal was to either get a HELOC against the Condo or possibly refinance pulling cash out when we find another property. What we have been running across is so far no one will HELOC or refinance the condo since it isn't our primary residence. As I listen to the webinars and podcasts it sounds like this is a pretty normal thing. Any suggestions for someone starting out? Is it just bad luck for us and we haven't found the right place yet? Thank you all for reading and appreciate the advise/guidance.

[Matt K.]

Not sure if the condo makes a difference but PenFed does investment ones.  You might have better luck with smaller credit union vs big bank...