Line of credit, Refi or liquidate to get deal done

[Frank Gigliotti]

So I own a few 3 flats one which is mine free and clear of any loans, conservatively it's valued at 335. I stumbled on an owner of a 18 unit that wants to sell. I looked at the property ran the numbers and I want it! The problem is I don't have any cash so I went to the bank to inquire about a line of credit to purchase this 18 unit, it's a local bank that I've never worked with but did open a few accounts a year ago anticipating of me buying something (DA). So the bank comes back and only offers to give 55% of what I have invested in the property, is this normal practice? I'm a little disappointed because for one it would make the 18 unit deal more challenging to pull off and the property is worth over three times that much! Any thoughts