Should i pull equity from my rentals using HELOC

[Tomer Maoz]

Hello,

I want to use my equity in one of my SFRs to purchase a short-term rental (I currently have 8 LTR) . I have been searching for a bank that will do HELOC on a rental, and so far, the only one I have found that could work is Better.com. All the other banks I spoke to, like TD Bank, HSBC, and Signature FCU, have limitations, such as you can't have more than 4 mortgages in your name, or they can only use 3 properties to offset DTI.

Better.com offers a rate of 9.5-11% (depending on loan amount, credit score, etc.), and it also requires the property to be in my name (not in an LLC).

Does anyone know of a bank that will do HELOC on rentals in NC that do not require the property to be in the owner's name and/or is not limited by how many mortgages you already have on other rentals?

Are there other types of loans people use to pull equity from their rental to purchase additional properties? 

I appreciate any input in advance.

[AJ Wong]

HI Tomer, you can definitely secure a fixed second or HELOC on an investment property. Some investors have total properties owned restrictions, although sounds like you're doing something right! I would check in with @Joseph Chiofalo they lend nationwide and focused on investors and they also have STR specific purchase programs that might be able to reduce the actual HELOC amount required. Good luck!