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I took out a home equity loan on a property I was renting last year. I used the money towards purchase of another. I was worried no one would give me a home equity loan given it was an investment property, but my local bank did without question 100% LTV. Banks love to lend people money, without a doubt. As an aside, my first mortgage several years ago was an owner-occupied mortgage. I never contacted them to know I was moving out a few years later. I changed my insurance coverage from owner-occupied to tenant occupied. A copy of it was sent to the mortgage company. Communication from the mortgage company was changed from the house to my current home. Despite these clues, still have not heard a peep from the bank.
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