LOC on owned properties

[Roger Rogers]

Hi,

I'm a novice property investor. I do have a small portfolio of a dozen or so bare lots and I purchased a single-family rental property at the beginning of the year. These properties have not been leveraged. My credit score is ~780.

I purchased the single-family dwelling because it abutted my other lots and I saw strategic value in acquiring. I listed for rent and it rented immediately. I probably could've asked more, but I'm quite happy with the terms. I was stunned by the demand. I ran the add for a day and it took several days to try to turn the tap off. Quite sad actually. So many people need a decent place to live.

Anyway, from that experience I'm considering building a rental on one of my other lots. I do have some cash reserves, but not enough to build or complete the downpayment on the build. My cash is tied up in these assets. 

The only borrowing I've done before has been for my primary residence. I did recently sell some property where more sophisticated borrowing was included, but I'm not very familiar with this space.

So, after that long intro... my question is where should I look for a line of credit against my existing properties? Overall my financial picture, personal DTI, etc., is sound. I'm probably only going to move forward if I find lending terms that are reasonable (reasonable relative to current rates).

Thanks in advance for any thoughts / advice.

Roger