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Updated over 2 years ago,
Looking to refinance a rental property
My partner and I own an investment property in Indianapolis(SFH 4bed 2 bath, 1508 sqr feet). We acquired the property prior to the pandemic, in 2019, and it has appreciated quite a bit since. The original purchase price was $88k. We took out a HELOC against the property in mid 2021 and currently owe a total of $97,500.
Closest comp in that area is around $150k.
We are looking to refinance the property to lock in a good rate before they increase and to pay off the HELOC. Ideally we would like to do a cash out refinance in order to take out some money for other repairs on our list. Does anybody have any recommendation of lenders who are willing to do a cash out refi on an investment property?
What other considerations should we keep in mind as far as rental income from the property, cash reserves, etc...
thank you.