Get LOC on equity based on Cash Flow

[Joseph Martin]

I recently bought a rental property. It is a duplex, and rents are earned using the boarding house model; eight doors with leases. I acquired the duplex with a 1031 exchange, and a commercial loan. I was planning to refinance after the seasoning period to get cash out and apply it to the next deal, but I do not want to give up the interest rate. I thought a loc on the property would give me the flexibility I need, but I spoke with a mortgage professional, and he said no one does HELOCs on commercial properties with values based on the cash flow of the property. He said I would need to completely refinance. Is that accurate? If so, what are some options I might have? The original loan did not have a full appraisal. It was a DSCR.