Non-Owner Occupied HELOC

[Kyle Dalrymple]

Looking for a HELOC on one of my rentals (no mortgage) worth close to $600k. I do not want to take the money out, just want to have the line available for potential investment opportunities. Typically Bank of the West (now BMO) would be my go to but their lending requirements have gotten very tight. For example, I have owned this property for about one year and have a solid twelve month lease in place, but BMO will not factor in the rent for this property because I have not owned it for more than two years. I have looked into several other lending sources (Better.com, Axos Bank, etc.) but most them require that you draw ±50-70% of your approved limit immediately so that they can charge you loan origination fees, etc. Any suggestions??? TIA.