Looking for help with HELOC.

[Andreas Blomst]

My wife and I own a SFR outright that rents for $1700/month and is worth about 300K. We also have our primary residence that is worth 720k and we owe 479K on it. We are ready to purchase our next rentail and want to pay cash for a fixer. My plan was to get a LOC on the rental that we own free and clear and then use that money to purchase and fix the next property. The idea was to then turn around and get a morgage on the fixer property once its rented and pay off the LOC. I keep being told by the banks that they dont like doing LOC on investment property. I would not mind using our primary exept that the lenders I have dont seem to want to go over 65% LTV on HELOCS and that leaves us almost nothing. I know that there are better options but walking into banks in our home town has proven a disapoiment. Please help!