Working line of credit possible for all properties?

[James Grueser]

Hello,

We are active real estate investors that live in California but invest out of state. The cash flow is awesome in Midwest so that's where our proverbial arrows are pointed. Currently we have 20 properties with 1 in Houston, 3 in Arizona and 16 in Indianapolis area. Our mix is 19 SFR and one mobile home park. Okay, I share with you my real estate to get some input and share some brick walls we've been hitting.

Us as lenders - we're a Dream Team for any lender. We have awesome W2 job with excellent income. Very low DTI and FICO of 750+ so getting approved is not an issue for us.

Desire:  Consolidate all of our properties into a working line of credit rather than the cashout refi's we've been doing.  We have worked with B2R and have 7 properties already with them but this products is very difficult to work with and the fees were painful to deal with.   We have a couple of the other properties financed on short-term with some hard money, that was easy but not the foundational line I want to expedite building with.   We own 6 of our properties free and clear so even with the financed properties we still have plenty of equity.  Spitballing here we have approximately $1,600,000 in appraised so if we got a working line of credit at 65% we would have $1,040,000 line.  Gobble up the existing loans we'd have approximately $300,000 to fight with.  Paying off the line with all proceeds from all cash-flowing properties I have will help us expedite the "rinse-n-repeat" model giving us flexibility to have some steroid growth style action for our biz.    Since we are taking ZERO out of the real estate biz we should be a wet dream for this kind of product.

Challenge: I have floated this desire out to the universe so far and I've been hit below the belt numerous times! So far I've gotten "we only lend in California since you live in California". I've also gotten "we can do similar product with standard loan like B2R". Many of smaller banks in AZ and Houston will only do LOC on properties in their city.

Frustrated and dazed....am I dreaming to have a working line of credit with the cash-flowing fully tenanted properties?  Would love someone to throw me a bone.  Connect me with the right people I'll  be good for them and they for me.  If you do so I'll be happy to throw some beers and sugar your way!

Jim G