Does anyone know of any banks or credit unions that may consider offering a blanket line of credit on rental properties? I just restarted my rental business and will be buying my first few rentals with a HELOC on my primary. I plan to use the rents to pay the HELOC off perpetually but would like to get a blanket line of credit on the rentals, if possible. I have heard of banks offering this before, where they would colateralize each property purchased to increase the line of credit by 80% of the property’s fmv. The rate was prime plus 1, I believe. Any leads would be very greatly appreciated.
Most banks are very tight with their money. If you have good personal credit and the SFR are paid off you might be able to talk then in to a line of credit. Good luck