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Updated about 8 years ago,
Clouded Title on LC - I want to refinance though
I purchased a multi family property in a very desirable location on LC. I have a lot of equity in the property and can sell it for 2x what I paid for it. I did have to rehab some of the property and I used credit cards to finance the repairs and materials. I contacted Visio Lending and they were going to refinance me out of the LC with a cash out refi.
They worked very hard to make it happen only to find out that I don't own the property because the LC was not closed on LC. I'm still working with a great title company and the owner on obtaining clean title. We can have clean title upon closing, but now Visio is telling me they can only refinance the property after I purchase the property. They told me that they I can purchase the property with a loan via them and also refinance after 30 days with them as well. However they are charging me 2x because it is 2 loans (purchase and refinance) and also I need a sizable deposit to close the first loan! I decided to turn them down because I don't have the funds to obtain the first purchasing loan.
Longgggggggggggg story short... I need some advice. I don't want to sell, but I'm considering it since I can use the profits to pay off all my debts and have enough money to purchase another property/properties. I really don't want to sell though, but how do I get the equity out? I was thinking about purchasing the property through a hard money lender, get clean title and pay interest only for a year. Then refinance out of the hard money loan. Any thoughts or advice would be greatly appreciated.