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Updated over 8 years ago on . Most recent reply

Michael Outar's profile image
Michael Outar's profile image
Michael Outar
  • from Asheville, North Carolina
  • Member since May 4, 2016
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Michael Outar's profile image
Michael Outar's profile image
Michael Outar
  • from Asheville, North Carolina
  • Member since May 4, 2016
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Michael Outar
  • Asheville, NC
2
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Mortgage Brokers & Lenders

Equity Line on Investment Property

Michael Outar
  • Asheville, NC
Posted

I am purchasing a multifamily home via owner financing. My local bank says they do not do equity lines of credit on investment properties. Is that true of all banks. If so. How can I take equity out of this house to purchase another investment property? Thanks. 

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Xavier Randall's profile image
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Xavier Randall
  • Insurance Agent
  • from Lakewood, CA
  • Member since Apr 18, 2013
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Xavier Randall's profile image
Xavier Randall's profile image
Xavier Randall
  • Insurance Agent
  • from Lakewood, CA
  • Member since Apr 18, 2013
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Xavier Randall
  • Insurance Agent
  • Lakewood, CA
98
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171
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Xavier Randall
  • Insurance Agent
  • Lakewood, CA
Replied

I'm noticing in areas like southeast there are local banks that offer financing for real estate but they categorize them as "Commercial Business Loans". Check out Lumbee Guaranty Bank based in of North Carolina

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