What are my financing options for rehab costs?

[MJ Meneley]

Looking for some advice....I just bought a new rental property, as a 50% partner using cash. Need to finance the rehab costs - I tried to take out a HELOC on a different rental property that I have equity in. However, it was denied because the property is in the name of my LLC so the bank could not do a personal/residential loan on it. What is the best way to get that equity? I can't refinance the new property to get the cash because I am only 50% owner. Should I just take out a standard commercial loan to pay for the improvements? Any advice is appreciated. Thanks!

[Brian Garrett]

Call more banks and credit unions until you find one who will do the HELOC on your investment property.

Otherwise your only other options are cash or to find another private money partner to bring into the deal.