Do you have to refi to use leverage

[Tamara Campbell]

My fiance and just purchased a duplex in s. fl. We paid 150, fiananced 200k, it appraised @ 250, and will get back about 26k for repairs, reserves(taxes, future repairs, insurance) and we will use about 10k to fianance two more properties. We can get about 2400 for both units and our mort. is 1700. (I hope this is considered a deal?!?!?)

However our loan has a pre-pay penalty for two years, so we cannot refi and draw on the equity. Can we use the equity with out drawing it out?? Please educate me :oops: