Harmony,
With prime expected to be on a downward trend, this money will get cheaper as you use it. It tends to be easier to get these loans as compared to an SBA loan as well. I would just make sure that you have your costs down and set a payment plan to payoff the equity line. But with most being interest only required payments, you have access to more cash with a limited outward cash flow which is ideal. In addition, you can write off the interest that you are paying if it is your primary residence. Therefore, your real interest rate should be realistically close to half of what your note rate is. Not a bad option.

Best of luck-

chris