Funding Rehabs when the originating bank has frozen new loans
I closed on 14 properties in the Springfield, MO area at the end of November using a portfolio loan. The bank that we used just told me that they have frozen making any new loans and so I can't just get my rehab money from them. I have lots of equity in these properties. I'm looking for suggestions for how to finance my rehabs. I was counting on using the equity they already have. My partner and I are considering doing cash out refi or heloc through another bank or institution. Is this the best course?