ISO means to leverage equity in rental property for flips

[Kim Thomas]

I own a condo in Hall County, GA (near Gwinnett). The mortgage was paid off about 5 years ago and owe $2600 on a HELOC that's in the repayment phase.
Market value is $200k.

I flip residential properties in NC. Rather than having to pay $10k in closing costs to my HML for every house I buy, I'd like to use the equity in this rental to purchase.

Because I'm usually in and out of a house in 3 to 6 months a cash out refi or DSCR won't serve my needs.

I've spent hours (totaling weeks) looking for a HELOC (I've called every credit union and small to mid bank in the area, PenFed, contacted a host of online lenders and brokers both in the area and across the US). No dice.

How else can I use $150k (75%) of equity in this rental on a repeat basis? 

[Kim Thomas]

Quote from @Zane Cress:

Hi Kim

Have you spoken to anyone at Commercial Bank yet? I use John Carson here in Athens at the Epps Bridge location. I recently spoke to him about setting up a heloc on a 5 unit portfolio that they hold the jumbo loan for. He said it could be done. 

Another option would be private lending. Perhaps someone would give you 150k with a 10% rate and the condo as the collateral backing it. If you are in and out quick the 10% would be minimal cost to you. 

Just got off the phone with James Carson. Having to call it a commercial loan, but doesn’t require I put the property in my LLC and it seems he’s going to be able to do the loan! 
Can’t thank you enough for the referral!