Advice - need equity loan with low credit score but major equity

[Jerry Collins]

Hello BP,

I have a cousin who owns a home in Downtown DC in a very trendy and expensive Neighborhood called the U Street corridor, and he is trying to get a home equity loan for $80000, but his High credit score is only 536. the home has a current mortgage of $550,000 but the property value is estimated at $1.400,000. I was wondering if the community had any suggestions on what type loans he could get with a score so low. I had someone suggest an Alt-A loan, but want to hear from the BP community. The ultimate goal is to pull the money out, and clean up his credit to raise his scores over the next 6 to 12 months, and then refinance again, and get enough out to totally renovate the property into a duplex, so he can live in one unit and rent out the other.