yes, you could use the HELOC as a down payment on a hard money loan, and then the hard money loan for the rest.  

Do you use traditional financing or do you us DSCR loans?

I am sure the interest in that hard money isn't great.All DSCR loans I have seen require at least 12 months.

For instance if this is a $10M portfolio that's levered with loans totaling $9.1M, there's no equity that can be pulled but if this is a $1M portfolio with $100K of debt, its a different story.

If you create or fund an IUL instead of paying cash you can then get a loan on the IUL.

@Brian Rocha It’s clear why most lenders insist on including rehab funds in the loan, and all of our partner banks follow this practice for fix-and-flip loans to minimize risk and meet securitization standards.

I don’t have a loan on the property and hold it cash, but, if I sell it would lend the profits as hard money and earn 10%+. 

You can also see total loan exposure, every loan ever pulled, every property ever owed, every co-signing partner from every project, permits, etc... 

We process, underwrite, close and fund the loan.  

Loan is just over $108k.