Line of Credit Backed By Multiple Properties

[Bill Woessner]

This might be a little complicated, so please bear with me. The product I'm looking for might not even exist. But if it does, but I'm hoping someone can at least help me with the right terminology and maybe even point me in the right direction.

We own 6 rental properties. We have a mortgage one one of the properties and we used HELOC on our primary residence to buy one of the other properties. The others we own outright. If you count the HELOC, the current LTV on the rental properties is 30%. Pretty low.

Is it possible to get a line of credit backed by ALL of our rental properties? I'd essentially like to pool them all together and borrow against the pool, kind of like a portfolio loan. Assuming we can borrow 80% of the value of the properties (which is kind of a guess), that would leave 50% of our equity available to pursue other properties.

So then, let's say we go to buy another property. We draw from the line of credit to make the purchase so we can offer cash. Then add the new property to our existing portfolio. Our LTV increases and the available credit decreases. And we're free to pursue more properties.

Does such a product exist? If it does, what would it be called? And what kind of banks/lenders would offer it?

Thanks in advance!