NOO LOC

[Zani Semovski]

Hey all,

I just joined BP and looking forward to networking with you! I own a 4 unit multi-family free and clear and would like to cash out about 50% to purchase a flip/fix. I'm having a hard time getting approved for a NOO LOC on the building. I have great credit but the DTI wasn't good enough for them to make it work. I assumed with the building owned free and clear, with no liens, I wouldn't have no problem getting approved but I was wrong. I found a property that I would really like to move on but I have most of my down payment cash tied up on another project. Do lenders give favorable rates on this type of loan?

Thanks