Cash Out Refi or HELOC on an Investment Duplex in Florida

[Roque C.]

My brother and I own a duplex in South Florida with both sides currently rented out. We currently owe about $15K on the property and Redfin estimates the value at roughly $650k.

So we have a good amount of equity we'd like to get out and use for another investment purchase.

I've historically been able to get HELOCs for single-family investment properties, but it's been difficult finding a bank that offers HELOCs or cash-out refinances on multi-unit investments.

Does anybody know of a bank that would offer either option for us? Thank you.

[Randall Alan]

@Roque C.

I would point you toward two places... First, a mortgage broker, instead of a bank.  Mortgage brokers work across way more lenders, so have access to more lending options.  I own numerous duplexes and have not had issues finding a cash out refi in the past.  

If for any reason that doesn't work, you can turn to the commercial lending side of a local / regional bank near you.  I don't like to use the big banks just because they are less flexible.  We cash out refied 5 properties into a single commercial loan using a commercial loan... lowering the rates on all the properties at the same time.  Just call up the bank and ask to speak to a commercial banker and explain what you are looking for.  I don't think you will have any issues.  I'm up in central Florida, but we use a company called "The Mortgage Firm"... generic name, but they are in the Orlando area.  We've done over 2 dozen mortgages with them with great service and quick turn around... but I'm sure a local broker could also find you a lender as well.

All the best!

Randy