Short answer: use a second-position loan or line behind your existing mortgage. The catch: many lenders won't sit in second, and if your first is a blanket loan, that lender often controls whether you can add debt at all.
A real example
A Texas investor owned a 33-home portfolio worth about $9.5M with roughly $3.25M of debt, mostly 4% blanket loans. Refinancing would have been irrational. But two blanket lenders controlled consent, several lenders don't do investment-property second liens in Texas, and one only lends direct. The better path is a single bank junior revolver across the portfolio, instead of 33 separate small loans.
What to do
- Send us your existing loan documents first. We check whether secondary financing is allowed.
- Expect higher rates on seconds (we've seen roughly 11–16%) and combined leverage caps around 65%.
- For portfolios, one junior line is usually cleaner than many small seconds.
Related: Second-position loans · Business-purpose HELOC