Line of Credit for rental property - do they still exist?
I'm looking for lenders that would offer a line of credit on rental property. This is for two identical, side-by-side 4-units (8-units total) in far-south Chicagoland that I purchased in 2017. I've got about $550k of equity in the deal that I'd like to tap into. I think I could qualify for a $200k line assuming an LTV max of 65%. I've grown my portfolio significantly over the last year (almost 50 units now), and this equity seems to be the most realistic source of capital for my next acquisition.
The properties currently have 30-year fixed mortgages at 3.50%. I don't want to mess with that debt, which is why I'd prefer to take a line of credit instead of a straight refinance. I've been successful doing cash-out refis, so my hope is that I would only need the line for 2 years max.
I've talked to a couple of regional banks, both of which told me they were doing these types of lines earlier in the year but have stopped for "reasons". Any referrals/thoughts welcome.