How do I get a line of credit from my existing equity?
Over the last few years I have been using flipping as a primary way of raising capital for my buy and holds. Using this strategy I have built my holdings to over 200 k in equity. I would like to start leveraging that and putting it to work. The issue I keep running into is that lenders want to be in 1st position. Meaning they will not allow me to use my equity to obtain a line of credit.
I would rather not do a HELOC on each property due to the associated closing costs with each loan.
What can I do in order to tap into this equity and put it to work for me? Are there any lenders that will take a 2nd position? Who are they?