Updated over 1 year ago on . Most recent reply
Refinance STR HELOC to conventional
I have a STR which I renovated using a HELOC on my primary home. Balance is $79k at 7%. No other mortgage on the STR. The STR has been in business now for 8 months. Gross earnings average is $2k per month. Is it possible to refinance the HELOC now into a conventional on the STR to remove the HELOC from my primary home and free that up for other investments. The STR's value is now about $200k, not counting the acreage which is about another $150k of value.