Cash Out Refinance Options (condo)

[Michael Mulroy]

I have a condo that is currently being purchased on a 5 year land contract. I have had the property for 2 years, so far. Due to the short term of the contract, the property is cash flow negative but was meant to be an equity play. I now would like to pull the equity, pay off the loan and use the extra money to buy my next property. 

I have had some significant challenges due to the number of rentals in the condo community (80 of 143 units), which does not meet the underwriting requirements for a Fannie Mae loan. Has anyone had any luck finding unconventional lending options or portfolio lenders? I do have equity in my primary residence, but wish to use that on my next primary home in the next 4-5 years.

The condos are great, rent well and could cash flow around $500/mo once paid off for a purchased price of $50,000 property. I don't want to sell, but I'm starting to reconsider holding them if I'll never be able to access the equity. 

Does anyone have any ideas?