HELOC or Cash Out Refi at 80% LTV in Colorado

[Adam Smith]

My wife and I have a rental in Colorado that we have had a little over a year. We would like to refinance or get a HELOC (to go towards purchasing another investment property) but everyone we call only offers up to 75% LTV. At this LTV if the appraisal comes in slightly lower than we think (my wife is a realtor and has done a CMA so we are confident but you never know what the appraiser will think) it may not be worth the refi (in our opinion). We are located in Firestone which is near Longmont.

A few other details in case it matters. Credit scores close to 800. Only debt is two mortgages and a small student loan that we really just need to pay off. No credit cards, no car payments, nothing else. DTI is about 26%.

I have searched BP and have found some banks/cu to contact that may do 80% LTV but none of them are in Colorado.

On a side note, we purchased the property with 20% down but it seems a refi is "too much risk" at 80% LTV? Seems to me like it is the same risk? FYI-I am obviously not a loan officer.

@Dan Mackin - Do you have any advice?

Thanks in advance for any advice!

Adam