Blanket Equity Line of Credit...?

Hello all,

I’m looking for some general feedback on the possibility of getting a blanket equity line of credit for several individual condo units that I own. I haven’t yet been to banks, but was just wondering if anyone out there has had any experience with this sort of thing.

Some info on the properties:

  • all of the condo units are owned by the same LLC
  • the LLC has been in existence of 2+ years
  • the units have been owned for between 7 and 13 months
  • there are no mortgages secured by these properties at this time
  • 10 of the units are located in the same 18 unit condo complex
  • the units cash flow nicely, but current tax returns may not reflect the full strength of the units’ cash flow
  • there are two members of the LLC. Both of us have good, solid full time jobs with solid W2 income. Both members of the LLC have 750+ credit scores.

Any feedback would be greatly appreciated.


All sounds good for commercial/business loans. This could either be looked at as a blanket or individual loans. Most local banks have this type of product. Their terms will usually be 20yr ams with a 3-5yr balloon. Loans and title can be done in the business name.

Depending on the city, you may have some options for portfolio lenders that do 30yr amortization. Loans in personal name but title can be to business.

Where are you and the propeties located?


Thanks for the info. The properties are in Hartford, CT.

One of my questions/concerns is how the banks will value/appraise the properties. As condo units, I’m assuming they’ll try to do a typical market analysis and value the units based on the areas comps. I’m hoping that they’ll consider the cash flow/P&L/income and expense numbers as well - b/c the properties have greater value if analyzed that way.

One more question…In the past my partner and I have had success getting equity lines of credit on individual units that are in owned in our names (not an LLC). Is it substantially easier to borrow when the property is owned by individuals rather than an LLC? I’m assuming a PG would be required either way, so I’m not sure why there’d be a difference, but we dealt with Wachovia several times for products like these and they always indicated they could only do the lines if the properties were owned in our personal names.

Thanks again for your thoughts.