How do I get a line of credit from my existing equity?

[Jason Smith]

Over the last few years I have been using flipping as a primary way of raising capital for my buy and holds. Using this strategy I have built my holdings to over 200 k in equity. I would like to start leveraging that and putting it to work. The issue I keep running into is that lenders want to be in 1st position. Meaning they will not allow me to use my equity to obtain a line of credit.

I would rather not do a HELOC on each property due to the associated closing costs with each loan.

What can I do in order to tap into this equity and put it to work for me? Are there any lenders that will take a 2nd position? Who are they?

[Josh C.]

200k of equity on 300k of assets or 200k on a million? It makes a difference. Most lenders don’t like more than 70-80% loan to value. So if that’s where you already are you probably won’t have any luck. If you are way below you can probably find some who does second mortgages. Start with the bank that has your first mortgage

Good luck.