How do I pull money out of my house?

[Wojciech Grajewski]

I currently own a house in Long Island New York. The House is worth approx. $450-500K. The house has been paid in full. How .... or WHAT TYPE of method do I use to pull out about $150K of equity out of the house? I would like to also add that I have an additional $60K in cash. To make matters a little bit more complicated the house is in an LLC.

How would you guys do this? I appreciate any input!

[Chris Davidson]

@Wojciech Grajewski you can either take out a traditional mortgage on the house in the name of the LLC, or get a LOC on it similar to a HELOC. If it is worth 450 and you are looking for 210 that is a 47% ltv, and should easily be able to get that. At that point pull the money out when ever you need it.

FYI it doesn't cost more to get a higher limit on a LOC. If they let you go to a 70 ltv take it. that would give you 315k but doesn't mean you would have to use it all.