HELOC on Seller Financed House

[Molly Ronan]

Hello,

My first deal was creative - my dad sold me a triplex for $1. But now I have a private loan with him to pay it off over 10 years.

Would banks see this loan as a mortgage? 

Would I be able to get a HELOC?

The details:

Loan is for $205k, 1.12% interest rate, 10 year (I know, amazing, I am lucky)

The house is probably worth at least $250k, maybe more in this market. 

Before I bought it, we did have an appraisal done before I bought it, so I probably would have to wait a while to get it appraised again.

My question: can I get a HELOC even though I haven't paid down the loan yet? Or should I wait until the majority of the loan is paid off? I don't want to pay off my Dad's loan through refinancing because it is such a good rate, so I would have two loans (seller financed and HELOC) on it at once.

Thank you!