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Updated about 8 years ago on . Most recent reply

User Stats

23
Posts
7
Votes
Matt Leonard
  • Oakland, CA
7
Votes |
23
Posts

Home Equity loan on rental condo - in 1st position?

Matt Leonard
  • Oakland, CA
Posted

Anyone have ideas for a lender who will do a Home Equity Loan (prefer fixed) on an investment property that is owned outright? (no first position mortgage). In California.

I would pursue a cash-out refi, but only looking for ~$50,000, which is below many lenders minimums, or have such high costs that I'd like to avoid given the principal amount. And it's a non-warrantable condo (due to owner-occupant ratios).

Basically trying to pull cash out of this unit to purchase another.

-Matt

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