Having issues obtaining a HELOC

[Michael Elfant]

Hi All - I own 5 properties in total, one of which is my primary residence. I'm looking to obtain a HELOC on my primary and the lender that holds the note (Wells Fargo) declined my loan application for a HELOC because I own "more than 4 total properties that are financed." Is this a universal rule or is it just a Wells Fargo's guideline? All of the rental properties are occupied and covering costs.

Thanks,

Mike