Best financing option

[Matthew Fermino]

Hi, I'm looking for some advice on the best way to finance a project I have on one of my STR's and whether I should do a refinance, a home equity line or something totally different.

I have a short term rental that is a two family property in a beach town in Wells Maine. Each side of the duplex, is a two bed one bath that I typically rent out as the whole building. After taxes, all expenses, etc. I usually profit about $500/600per month.

I have an opportunity to knock it down and build up and more than double my profitability.

The property today I owe 480k with a 5.375 interest rate and 25 years left. The property is valued now between 950k and 1million.

I also have my primary residence that I owe 675k on with 25 years left on a 2.9% interest rate. That Home is now worth about 1.4 million but I already have 175K HELOC on that.

I’m looking to figure out my best financing option as I need about 350k to fund the project.