Too much equity………….

[Brendan Chase]

I’m around 40%ltv on my 7 unit portfolio at this point. (Four properties). I finally finished renovating the last unit and am currently at full capacity with all units having been renovated within the last three years. With the last unit finished, I’ll be cash flowing around $3k/mnth. I feel like I’m in a good place, but I have over $900k locked up in equity.

My loans are locked for another 3-4 years at 4%, so I’m not interested in a refi. I have about $60k in bad debt used to finish all the renovations. I recently asked my banker for a 100k loc and he seems very reluctant to do this for me. (My plan is to consolidate that debt and pay off loc within 18 months, then potentially use it as down payment on another building)

I’m feeling a little stuck and looking for some advice. I feel like I’m ready to take the next step, but also feel burdened by this bad debt and hamstrung with accessing my equity.