How Do I Get The Cash Out of This House in Chicago?

[Luke Petro]

I own an investment property in Chicago.  The remaining principal is about $240,000 and I'm confident that it will appraise at $330,000.  

I used lending tree to find a lender that would let me take $50,000 with no success. All the big lenders want it to be a primary residence or a much higher LTV.

Are there lenders in Illinois that will let me cash out refi on an investment? Maybe some you BRRR investors in Illinois have some recommendations?

Thanks in advance!

[Brie Schmidt]

@Luke Petro-The highest LTV for a cash out on a NOO property is 70% -so if you are talking to regular banks you are going to get a no as it is a conforming loan requirement.

You only option is to find a portfolio lender who might go to an 80% LTV but rates will be around 6%-7% so not worth the rate jump for $24k