Cash out refinancing

[Michael B.]

What up guys. So I just bought a 8 unit building for 1.3 great deal 9.8 cap rate. But I owe my LOC 500k now. I'm trying to find out how much money can I pull out from the 8 unit which is now valued at 1.7 million. I want to pay back that LoC cause I'm getting smash with the interest at 8.5 percent killing me.

[Ray Hage]

Michael, first, congrats on getting the 8 unit. It sounds like you're in a bit of a tough spot. Do you absolutely need to pull the money out now? 8.5% is a bit high on the rate but that's our current market. You could do a DSCR loan as well but I would bet that rate will be high also at the moment. Talk to @Ash Hegde as he is based down here and maybe can advise a little better on the situation and what kind loan and rates you can get right now.