Commercial LOC Secured by multi-family properties

[Andy Hughes]

Myself and a partner have a SFH in Elmira NY under contract for $58,000. Homes in this development sell for $190,000-210,000. The house was left in an estate and needs all the usual updates. The bones of the house are good, it was build in the late 60's. We have two estimates for remodel both coming in at about $60,000. My partner has taken a home equity LOC out on his primary residence to secure his portion of the funds. I have 13 rental units in 6 buildings and that has pretty much tied up all my working capital. I have over $100,000 built up in equity in these properties but am struggling to access it as a whole lump sum of money. I would like to use the equity I have built up to have some kind of working line of credit. Has anyone one done something similar or have any reactive ideas?