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Updated over 8 years ago,
Cash out refi
Hi All,
I am new to BP. Purchased two rentals last year that have great equity in them. One is completely paid off and the other is 70% paid off.
I have contacted Wells Fargo for HELOCS on these properties but was denied because they were in an area that WF only allots a small percentage of funds to invest (first time I have heard this).
Any recommendations of banks or other lenders that provide this type of financing?
Also fairly small...$30-50k, so I have run into issues with the loan amount being too small for the few private lenders I have reached out to.
Looking for a fair %....4.5-7%.
Is this a reasonable rate to be searching for?
Thanks in advance!