Pulling money out, lending options

[Tara Piantanida-Kelly]

Hi All,

I own a property free and clear, and want to pull some money out of it to invest in other properties.  I'm thinking I'd like to do a 3-5 year interest-only with a balloon at the end rather than a traditional long-term mortgage.  

Recommendations?  Private money lenders?  

Happy Investing!

Cheers~

Tara

[Kyle J.]

Why not just do a conventional 15 yr mortgage/cash-out refi on the free and clear property? You'd get a really good interest rate and lower payments. If you wanted to pay it off early (i.e. 3-5 yrs) you could just make extra payments, but you'd have the flexibility not to and you wouldn't have to worry about a balloon payment in the near future.