Long story short, I have 3 properties in my own personal name: Small multi-family properties (a 4 unit and detached garage bank, another 4 unit, and a 3 unit) that I had residential HELOCs on in the second position, with a fixed residential in the first position. I also own a larger 12 unit held in LLC. The three in personal name have increased substantially in equity, I was going to tap the equity and reappraise etc looking at 4-500k of additional equity, these currently have separate notes in the 1st position of 3.35 30yr fixed. Of course the bank says "no problem", I start the process etc, then after credit pull and everything state "thing's have changed and you cannot own more than 3 investment properties" so now I'm at a standstill and they want to push me to commercial side, which in this case is requiring them to take my first and have to refi the balance and lose my rate and then tap a HELOC afterwards at commercial terms. Does anyone have experience with a bank or credit union that is offering Helocs in 2nd position on small multifamily investment properties without goin the commercial route etc... I'm located in Massachusetts, but not limited to that area. Any and all guidance is appreciated.
