Low Doc Commercial Equity Lines Of Credit

[Jay Feldman]

Has anyone used a "Commercial Equity Line of Credit" (CELOC?) to refi a group of properties? My thoughts were to have the current commercial (Hard money) mortgage liens released prior to getting an CELOC. I know the hard money lender well enough that I think he would do this to make this happen. Without a long story I would like to use a low doc/no doc/stated (if possible) product. From searching Google I see a bunch of sites saying this is available. (I am guessing Commercial lenders can still do this) Can anyone add what they might know about this? I have (3) three families (all adjoining) and a 2 family about 3 blocks away. They have all had gut rehabs, are rented and I have owned them more then a year. All have HM loans on them which I want to replace with lower interest loans (line of credit) and cash out some $$ as well. @ 70% LTV it might work for me but 75%-80% would be much better. It appears the banks/brokers want the property to be "free and clear" IE: the reason to have the liens removed. I would disclose what and why I would be doing this to the lender.

Please advise.