Alternative to HELOC on investment property?

[Adam Craig]

After calling 33 small banks I have come to the realization I am not going to get a HELOC on a rental property in the second position.

I know Huntington/Penfed/Navyfed/TDbank will do them but due to various reasons including being out of state, too many properties, properties in LLC - I am ruled out of those lenders. Refinancing is also out the question.

I have 2 properties with 150K in appraised equity and I am looking for a loan or HELOC around 80K. Is there any other way to barrow against this equity?

[Melroy D'Souza]

@Adam Craig, 

When you take out a HELOC, your cash flow is going to get affected. Some part of the $180 will have to go towards paying off the HELOC. Now, you can choose to only pay interest for a while, but at some point the principal has to be paid up as well. Except for the higher cost to refinance, I'm not seeing any difference with a HELOC. Also, pretty much everyone is expecting the rates to go up now, which means you will have a higher risk with a HELOC as compared to a FIXED rate mortgage.