Funding Rehabs when the originating bank has frozen new loans

[Christian Jones]

I closed on 14 properties in the Springfield, MO area at the end of November using a portfolio loan. The bank that we used just told me that they have frozen making any new loans and so I can't just get my rehab money from them. I have lots of equity in these properties. I'm looking for suggestions for how to finance my rehabs. I was counting on using the equity they already have. My partner and I are considering doing cash out refi or heloc through another bank or institution. Is this the best course?

[Jason Taken]

Quote from @Christian Jones:

I closed on 14 properties in the Springfield, MO area at the end of November using a portfolio loan. The bank that we used just told me that they have frozen making any new loans and so I can't just get my rehab money from them. I have lots of equity in these properties. I'm looking for suggestions for how to finance my rehabs. I was counting on using the equity they already have. My partner and I are considering doing cash out refi or heloc through another bank or institution. Is this the best course?

 Any of us in the private sector would love to take them out one by one and rehab them for you. 

As far as the releases you need to be clean on the terms of each property or if you can do a complete takeout.