Heloc on Vacation rental/2nd property in 2022

[Dunn Dela Cruz]

Hello Everyone,

Its 2022, Ive searched recent forums here on BP that would be in relation with todays current market and my questions/cry for help.

I was almost "pass the finish line" today with obtaining a HELOC on my current rental that I have.... then the credit union realized it was a rental property after looking at my property's insurance declaration (SOLE PROP, VACTION RENTAL)😓 .
I spoke with 5 smaller banks/credit unions, so far its a no-go on a Heloc. Any tips on getting a HELOC or using the equity in my home to purchase another property?
I feel like Cash out refi don't make sense because I don't want to mess around with our current interest rate which is pretty good.

any advice would be great, maybe I'm missing something🧐.

[William Anderson]

Dunn, 

You just got caught in the big changeover.  Fewer financial institutions want anything to do with investment HELOCs.  Find a portfolio lender bank.  They carry their paper and are more likely to find a program for you.  The situation is even worse if you are in CA.  I don't have any referrals for CA, the people I work with don't want to do business there.