Cross-collaterlization to secure a larger HELOC

[Brandon Neiss]

Good Evening - I'll cut right to the chase. I am looking at an REO property where the bank will only accept a cash deal. Have any of you had success in cross-collateralizing your properties to secure a higher HELOC or Home Equity Loan ?

Using round numbers - purchase price $50K. I have a minimum of $30K equity in my primary residence and I own a 2 unit free and clear - not yet appraised but ballpark value $50-60K. I have $15K cash that is (unfortunately) not sourced - so I need a portion of a HELOC or Home Equity Loan and cash to "show" sufficient funds. I am not necessarily looking for advice on the deal rather have you approached a bank/credit union and attempted to secure a HELOC using more than (1) property with one of those properties still having a mortgage and the other having no debt on it ? I looked into Private Lending but I would still need to show 10% down and some of the upfront fees scare me off...let alone needing the property to "season" before I could re-fi out of the private loan to conventional. As a side note I have great credit, solid debt to income, and earn good money on a W-2 job...securing the HELOC is not the concern - it's getting creative to secure ENOUGH of a HELOC. Thanks in advance for all input !