Searching for Business Lines of Credit or HELOC

[Ken Vingua]

I have been searching for a way to get access to lines of credit to use for REI for a few months now and have had no luck. I have contacted local and national banks and gone through several initial applications only to be told that they do not have a program that meets my needs. I have 5 SFR properties strung out in 4 states, thanks to military investing. I am also awaiting the sale of one of my flips and in the rehab phase of another. In my SFR portfolio I have approximately $300k in equity with $200k in a single property.

My goals are to continue flipping homes with my partner in the Chicago area and purchase multi-family properties for my rental portfolio. I want access to lines of credit to give me the flexibility to close on rehabs quickly, take "cash" to auctions, and fund rehab costs until refinance or sale. I would take either a real estate secured LOC or unsecured business LOC. My challenge has been in finding the banks that can do this. I have not been able to establish myself with a local bank because as a member of the military, I am not local for more than another year. National banks have been unable to meet my needs. I have been quoted a few portfolio options but the terms are far worse than the conventional loans that I currently have on the SFR portfolio.\

Is there an option out there that I may be missing? Any REI banks/credit unions that BP members have had success with in establishing a LOC? I have my team and system in place to progress my business but I need some help in lining up the right financing strategy to get to the next level.