@Douglas Middleton Your best bet is probably to call a local bank, ask for a commercial lender, then tell them you're looking for a "business line of credit" or "working capital line of credit." In Raleigh some that may be worth calling are Providence Bank, Mechanics & Farmers, Paragon, North State. It should not be too difficult to get if the rest of your parameters fall into place. These lines of credit generally have 1-2 year renewal periods and require you to send the bank your tax returns and possibly personal financial statement on an annual basis.
In my experience "HELOCs" are associated with your primary residence. You can qualify based on debt-to-income alone. They typically have slightly better rates, 10+ year draw periods and no annual renewal requirement. Some banks will go up to 100% LTV so you could stack a 1st position HELOC w great rate up to ~80% LTV and a 2nd position HELOC w higher rate to get access to the other ~20% if needed.
A couple years ago Wells Fargo was offering a HELOC product on a rental property that was somewhat of a hybrid between the two. The pro was a longer draw period w no renewal requirement. The con was they would only go up to 60% LTV.
