Line of Credit for 5 Unit Property

[Andrew S.]

Hi All -

I have substantial equity tied up in two investment properties (a 5 family commercial property and a 3 family residential property) which I would like to access through Line of Credit products. However, I've called a range of lenders (banks), small and large, and so far none of them are willing to issue a Line of Credit for non owner occupied investment properties. Both of my properties have existing mortgages in first position and the existing first mortgage lenders are recommending a cash out refinance. I'm reluctant to do a refi since I have great rates locked in and I'm not 100% sure when I will need access to the credit lines, plus I'd rather avoid increasing my payments until I need the money. I'm hoping that some of the experts here with more experience and knowledge in this area could point me in the right direction. I don't think the intended use of the Line of Credit should matter, however, I am hoping to use the credit line to finance new business opportunities . . .

Thanks in advance,

Andrew