Asset-based Lending for STVRs during down economy

[Robert M.]

I have a short-term vacation rental (STVR) under construction now, and I will need to refinance out of a construction loan in about 6 months.  I know I could get an asset-based or commercial refinance if I were to do one today.  However, I do not have experience investing during an economic downturn, and I'm wondering: if the economy changes between now and the time I need to refinance, would you expect asset-based lending will still be a viable option for STVRs, or would it dry up?  What other options might be open under changing market conditions?

I ask mostly because I'm hoping to draw against a HELOC to buy another property between now and then, and I'm sure it has the potential to increase my credit utilization. That could drop my credit score (currently very high), which would decrease the max allowed DTI for residential lending. Just want to be sure I'd still have a plan B before I draw on the HELOC and buy another property.