Need an opinion from brokers on this refinance loan

[Ron Le]

Hello everyone,

I really appreciate the existence of BP platform, I've been learning quite a lot the last 3 months and just decide to invest in Columbus, OH and just closed on a double units rental property. I bought it for $102K with cash.

Now I'm looking to cash out but prefer line of credit(HELOC) but having a hard time. My credit score is only 648. I got one lender approved me for $70K cashout but with $7K in origination and closing fees at 5.85% rate which I think the fee is quite high. I'm wondering if I should shop for different lenders or any broker out there can help me out? I'm a newbie investor from California.

Thanks again for existence of the BP community.

[Ron Le]

@Eddie LeGrand-Sawyer the property should be appraised for 120k. Yes, I like the rate but the fees are high I think. Lender said that is the best he can do with my low score.