1st position LOC on investment properties in in Chicago

[David Green]

Hi All

I picked up an investment condo a couple years ago in the western suburbs of Chicago and would like to tap some of my equity for reserves via a HELOC.

I have only found one option which is Wells Fargo. They offered me 60% LTV at a valuation that is below market IMO.

PenFed was the only other place that that I spoke to that would consider a LOC on an investment property but they are not willing to do first position liens on LOC.

Has anyone had any recent success with Chicago lender who offer a 1st position LOC secured by investment property?

Many Thanks

-David