Situation in St. Louis!

[Steven Bommarito]

Hi. I have something I want to run by the STL community. I live in South City. I live in a two family with the other unit rented. A friend of mine bought the property for me and need to get a loan to pay him back. My first idea was a HELOC but I also have been learning of a Loan to Value type of loan. I would like to get another property as i'm wanting to get a low end flip or an income property. How can I pay my friend back(50,000) and set myself up to get financing for another property in the next few months?? I guess a double loan situation. Any good experience with lenders??etc I own the home i live in free and clear. Thanks

[Peter MacKercher]

Send me a PM and I will give you a referral to a loan officer. Your best bet will probably be a cash out refi. but talk with the loan broker to see what your option are. and post the results.