Line of Credit

[Ralph Santos]

I currently own 3 properties with no mortgages. I have a little over $550,000 in equity on all 3 properties with my primary residence having the bulk of it, currently around $330,000. My other 2 properties are rentals. One is currently rented but the other one still needs some renovation, not much though. I'm looking to get an equity line of credit to help finish the renovation and also to help with future real estate investments. My credit score is in the mid 615 - 630 range. My local small bank is trying to work something out and asked me if i was willing to use my primary residence as collateral. I would prefer to use one of my rentals as collateral but that would decrease my Line of Credit as the rental is worth only $120,000. The one being renovated is worth around $115,000. What would you do if you were in my shoes?