HELOC money is expensive money.hope this helps.

A HELOC will have a floating rate- right now they are in the range of 7%.

Most lenders won’t issue a HELOC directly to an LLC, since they typically require the property to be in your personal name.

Im interested in getting a HELOC on the property in my LLC name.

Is it easy to apply for cashout refinance or HELOC if it is under LLC? 

We are doing construction on a newly inherited home and I had hoped to take out a HELOC for some of the cost.

If you decide to do a heloc (which I would do and not refinance) : Look into a He-Loan : you won't touch your current loan and interest rate and you will get a fixed "He-loan" loan that you could use on other projects. 

If there are any penalties to using your HELOC in that fashion, you would need to check with your lender. 

Since it’s tied to a different property, your HELOC won’t appear on the title prelim, and most HMLs don’t care where your EMD comes from; I can’t say we’ve ever asked.If you put 100% of the purchase price down as the EMD, the only way you’ll get all of it back is if your lender offers 100% financing on your flip, which few do.

I've used HELOCs in this way a number of times.