Home Equity Lending - on Investment Property

Posted on: Tue, 03/13/2012 - 20:14

sji-architect

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Home Equity Lending - on Investment Property

Hello All:

I'm looking for a home equity line or loan on a 2-family investment property in Central CT.

I have approximately $50K of equity in the property and I'm looking for a loan of about $10-$15K to use as starter money for another project.

Can you help?
Do you know a good broker or place to go?

Any input would be appreciated!

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by sji-architect
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Posted on: Wed, 03/14/2012 - 18:55 #1

TDSPropertiesVT

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Refinance the 1st?

I don't think too many lenders are doing home equity lines on investment properties anymore. Typically that would be done as a 2nd mortgage. As an alternative, why not just refinance the 1st mortgage? With today's lower interest rates, you might be able to pull money out and still have your payment about the same.

- Tom

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Home Equity Lending - on Investment Property

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