Borrowing Against UNWARRANTED Condo

[Jonathan Newsome]

I own a condo free and clear in my old college town in florida. It's small, probably worth around 50k. I would like to pull some equity out to fund a new venture, but I'm having a problem getting any of the "big banks" to lend against this property.

One reason is that they typically only make loans $50k and above. The other reason is that my condo is "unwarranted" (which I did not even think to check until recently).

Has anyone found success getting loans against this type of property? I've read some advice here and there, but I'm told that the lending practices regarding condos changes pretty regularly, so if anyone has any current words of wisdom, I'd be happy to hear it!

Thanks!