HELOC or Cash Out Refinance Hampton Roads

[Quinton Singleton]

Hello everyone,

I'm a local investor in the Hampton Roads, Virginia area. I purchased a property last year in Norfolk that was in pre-foreclosure and needed some minor cosmetic fixes. The appraisal came in well above closing price and I have operated it as an Airbnb for the last 18 months. It has done extremely well despite COVID. Using comps in the area to get an idea of equity in the property, I now have roughly 80-90k. I would like to tap into this equity to help fund future deals, however, every institution I contact has put a hold on cash out refinances. I'm using this post in hopes of finding recommendations for a bank or mortgage company that either offers a cash out refi or HELOC on investment properties during these times. If anyone knows of a bank that does first lien position HELOCs I would greatly appreciate that as well. Thanks ahead of time for the assistance.