Trouble Finding non-owner occupied HELOC (3 family and 5 family)

[Andrew S.]

Hi All - 

I could use some serious help and I'm starting to get frustrated. I have substantial equity tied up in two investment properties (a 5 family commercial property and a 3 family residential property) which I would like to access through HELOC products. However, I've called a range of lenders (banks), small and large, and so far none of them are willing to issue a HELOC for non owner occupied investment properties. Both of my properties have existing mortgages in first position and the existing first mortgage lenders are recommending a cash out refinance. I'm reluctant to do a refi since I have great rates locked in and I'm not 100% sure when I will need access to the credit lines from the HELOC, plus I'd rather avoid increasing my payments until I need the money. I'm hoping that some of the experts here with more experience and knowledge in this area could point me in the right direction. I don't think the intended use of the HELOC should matter, however, I am hoping to use the credit line to finance new business opportunities . . .

Thanks in advance,

Andrew