2nd Mortgage Options on an Investment Property

[Jonathan Goldman]

I wanted to see if anyone knew of a lender that does a 2nd mortgage on an investment property? 

Any recommendations are welcomed! Trying to think through how to access more of the equity in this property and redeploy into more opportunities.

My current loan structure is:

First mortgage OLB is around $347k at 2.75% 

HELOC is at $382k prime plus 3% (currently has a 12 month rolling cap so I'm just now shooting up to 9.5% this month but will be at 10.5% before I know it.)

The current valuation is $1.5-1.6M. 
The current use is a beach house vacation rental with about $140k annual gross bookings in Virginia Beach. 

1) I don’t want to lose the 2.75% rate IF there’s a creative way to tap into the extra equity. (Maybe there’s not?)

2) I would be okay if I could do a standard cash out refi at 5.5-6% and just have one $1M mortgage on a 30 year term Because it would still Cash flow as a STR. (But this doesn't exist right now unless someone knows where you could find this?)

3) the highest second mortgage I've found on a HELOC is $400k right now if I were to refi my HELOC into another HELOC.

Thoughts?