Getting a HELOC on a free and clear rental condo

[Coty Leon]

Hello all,

I am having a hard time getting traditional lenders to provide HELOC on a free and clear rental condo. I can understand their reluctance to provide financing based on a rental condo but what is the risk involved in first position lien via HELOC? Certain lenders, for example PENFED, clearly state that they don't provide HELOC on a first position for investment properties.

BTW, if there is any mortgage broker here who could help me get one, please contact me. The property is in Los Angeles.

Thanks in advance