Using a HELOC on investment property to fund growth

[Daniel Jenkins]

Hello!

First post, but have been reading and listening for years! I have a question for the community.

My business partner and I own an 8 family, and a duplex. The duplex is completely paid off, worth ~ 250k. Ideally, we would like to have a flexible line of credit against that property to fund a down payment for our next property. Neither of us live in the state (Massachusetts) any longer, and it doesn't seem that conventional banks want to go anywhere near this kind of product.

Straight cash out HELOC's are available, but we don't necessarily want to grab the cash right now - we want access to it quickly when we find the right property to add to our portfolio.

Does anyone have any advice on a product or bank that may have something ?

Thanks a lot!