Anyone know if it's possible to get a HELOC on a condo that's a rental?

[Abigail Wise]

Hi folks! I've talked to a couple of smaller lenders here in New Mexico, and they have both told me that they don't offer HELOCs on condos or non-primary residences. I understand that this is common for smaller credit unions, but both mentioned that larger lenders may offer options. Does anyone have experience with HELOCs on condos and/or investment properties? Better yet, does anyone have any good lender recommendations? Thanks a bunch!

[Alex Hunt]

Hello Abigail,

Why are you considering a HELOC instead of a cash-out refi? I have experience with both options for non-primary residences. Please don't hesitate to DM me if you'd like to discuss further.

Thank you!