2nd Position Line of Credit on Commercial Corevest Loan

[Blake Salisbury]

Does anyone have any experience getting a second position line of credit or cash out (line of credit is preferred) on a commercial loan, or more specifically a package of single family homes? My situation is that I have 30 homes in Birmingham, AL with roughly 2 million in equity and would just like a 400k line of credit or something in this realm. I have called Central State Bank, River Bank and Trust, and Regions Bank on recommendations from my contacts in the area but haven’t gotten anywhere. The first position loan is with Corevest and has nasty yield maintenance penalties and will not be able to be paid at par until November of 2027. Perhaps getting this product is not possible in these times (the banks I mentioned alluded to being more open to these previously), but I figured I would send this out to the Bigger Pockets community to see if anyone had any tips? Thanks so much!