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Updated over 4 years ago,
Lenders that offer lines of credit against rental property in CA?
My wife and I currently own one rental property. It's located in San Diego, CA, and we have a large amount of equity in the property. We're interested in buying additional properties, and would like to get a revolving line of credit on our current rental property to use as a one of many sources of capital to buy and/or repair more rental properties to grow our portfolio. For example, we might BRRRR a property and finance the purchase and repair with a combination of hard money and drawing from the LOC, then refi and pay back the hard money lender and our LOC. We heard about this kind of LOC on a BP episode, but have yet to find lender that offers them. SDCCU and MFCU here in San Diego don't offer them. Any leads would be much appreciated, thanks!