Specialist · Tampa, FL · Member since 2018 · 32 posts · 5 votes
I own a small portfolio of 9 single-family homes and one condo in S Tampa fl. I bought them low and held for 15+ years. Some homes have loans and some don’t. The portfolio has 3M+ in equity.
I’m shocked I cannot find a lender to give me a line against the portfolio. The terms are simple, a line of credit. I’m not interested in refinancing, I’m not interested in restructuring the debt and I’m not interested in receiving a lump sum of money.
I would like an equity line to pull from to move on my next deal, simple as that.
Full disclosure, I have called a dozen plus folks that claim they can provide this product. After spending 15+ minutes on the phone all leads to the same concept of restructuring the debt or taking cash out (lump sum). That’s not the goal. The goal is an equity line.
Any assistance would be appreciated, and I apologize reiterating the terms just slightly frustrated this seems to be an exotic request. Thx. Ben 
Have you spoken to any local banks or credit unions? When I am looking for financing for a unique property (small commercial properties) or situation, I usually speak to local banks and credit unions. Small institutions actually want and need your business. You are able to build a relationship with them. The credit committee is made up of local people that are part of your community. Lastly, if you go direct, you do not have to pay a broker.
Specialist · Tampa, FL · Member since 2018 · 32 posts · 5 votes
3y
@Charles Carillo. Ooo yes. I thought I made that clear in the initial post, but just to reiterate, I’ve had over a dozen conversations with local folks and others. Again it’s shocking. This seems to be so exotic
The most common responses to restructure the dead…… this is not in my best interest does not constitute a win-win 
Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
3y
Hey @Ben Kniesly, I'm in Tampa as well. I've been a lender for 32 years, 27 or that in the Tampa market and we also have a robust real estate investment practice...primarily in the Tampa MSA. I've been in mortgage and commercial banking with both large and community banks in the Tampa market prior to this company. I do a lot of loans for real estate investors...construction, flip, dscr, etc...and I can tell you that I don't know of a product on the market from an institutional lender like me where we can do a blanket line on a portfolio in a subordinate position to first mortgages. I am sorry to say that. The only place that might do it is a community bank, but the FDIC hates (that is putting it mildly) smaller real estate investors. The like big builders and developers, but they hate small investors. Community Banks would be the only way to do it I know of.