I am a 28 year old service member in the Navy. 

 A lot of banks go to 95% like Navy Federal or penfed and various other CU's.TCF like Paul mentioned is not a fixed or closed end second like you said you were looking for its a HELOC which is considered an open ended loan since its a line of credit and can be used, paid down, and reused/ "open."

I just got out of the navy and I'm going back to school.

Sicne leaving the navy I have a ten year plan to generate enough cash flow such that I can start my own business and not have to worry about pulling money out of the business to support myself. 

Our C area properties are near military bases (navy) and nearly every renter is navy or works on the base.  

I'm a Navy vet.

Navy Fed has other programs where you can do little to no money down but it's a higher interest rate.

I am very interested in making this a career because I have grown tired of being in the navy.

A bit about myself, I'm currently active duty Navy stationed in San Diego, my wife who was also Navy just recently got out of the service & I think now is the best time to try to purchase our first property we are looking here in San Diego and some areas in Arizona.

My only two options would be another HELOC or a fixed 15 yr equity loan at around 9% interest.Am I missing something or is it just my bank (Navy Federal Credit Union)Thanks,Mike