LOC on a Commercial Loan Portfolio

[Jonathan Schwartz]

Does anybody know any banks or lenders that would issue a line of credit against the equity on a portfolio of properties in a commercial loan? We have 15 residential fourplexes that have a substantial amount of equity in them, but because they are in a commercial loan - we've been having a hard time finding a lender/bank that would be willing to go into 2nd position. We need a custom solution here as we're aware this is not a typical off-the-shelf product, and we want to do this without a refinance as our commercial loan is locked at 4.25%.

[Henry Clark]

No one is going to take a second position

What are the terms on your loan?  4.25%

5 or 7 year loan period. How many years left?

Amort period? 20/25/30/?

Loan balance?

Appraised value?

LTV % bank requires?

Depending on your answers even at 5.5% refi you can do it. 

The question is why is your current lender not willing to do it?