LENDERS - Looking to tape into rental property equity.
Between the 21 rental properties I own - I have approx 600K in appraised equity. Each property has already been refinanced to the maximum value that I feel comfortable with cash flow numbers.
Rather then pay 12% on hard money for my rehabs - I would love to tap into some of this equity to reduce my hard money interest. Out of the 20 banks I called, I only found one that does a HELOC on investment properties but the rate is 10% and needs to be in my name.
Are there any type of loan products out there that can combine some of my properties equity and give me line of credit or strait loan against them?