Commercial line of credit

[Randy White]

Hey BP! I bought my first Sf rental property over a year ago and have had great success with it even though I bought uneducated and in the blind really. Scary to think how lucky I got. I currently have roughly 50k in equity and was looking for ways to access that reinvest it into a MFR. I was particularly interested in a line of credit against the equity as a convenient way to use it as I want. I went to a local bank and discussed this with them. Currently I have a 30 yr fixed with 28.5 left on the mortgage and it is cash flowing very nicely. The credit union offered me a line of credit sufficient to cover the mortgage and also tap into the equity a decent amount. However, after the 60 month term on the line of credit they required the note to be payed in full OR try to reevaluate and hope to extend the line of credit another 60 months. I graciously declined the offer based on the fact I don't and wouldn't have the capital to pay the note at the term described and didn't want to chance being stuck in a line of credit with that large of a balance. Any thoughts or tips? I have considered simply doing a refi but am hesitant to lose all the cash flow I have established.