Using Equity On Investment Property
I am having trouble through the banks working to use the equity with the hope of using it to improve a portfolio and also to work toward acquiring more units. Any thoughts on how some of you have been able to use your equity: just get one paid off and then use that property, having a lender grant a line of credit on that equity, other means aside from a cash out refi.
Portfolio includes a number of 2-4 unit buildings and a couple of bigger ones, most with a LTV currently in the 45-55% range. Properties would be considered B to A- ones and all have been owned anywhere from 2-5 years. Would the only option be working toward a cash out on a couple of them and hoping for 75%. I would like to use the entire portfolio and its combined equity and be able to work toward a line of credit of sorts, but that seems to be difficult these days.
An LLC owns them all, does it make sense to quitclaim to an individual owner and then refinance (if this option is even out there anymore)
There is a good amount of equity there, it just seems that with none completely paid off it is difficult to put that equity to work.
Thoughts from any of you that have encountered this?