Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/hospitable-deef083b895516ce26951b0ca48cf8f170861d742d4a4cb6cf5d19396b5eaac6.png)
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_trust-2bcce80d03411a9e99a3cbcf4201c034562e18a3fc6eecd3fd22ecd5350c3aa5.avif)
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_1031_exchange-96bbcda3f8ad2d724c0ac759709c7e295979badd52e428240d6eaad5c8eff385.avif)
Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago on . Most recent reply
![Michael Griffith's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1280896/1621510943-avatar-michaelg705.jpg?twic=v1/output=image/crop=2136x2136@0x88/cover=128x128&v=2)
Cash out refi for property valued at 58k
Have a rental condo owned outright that I want to do a cash out on. Having trouble finding a lender that will do a rental loan due to value of 58k. It’s rented at 775/month, so great return. Want to buy another in the building with the funds.
Most Popular Reply
![Derek Sperzel's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/102147/1621417131-avatar-dsperz.jpg?twic=v1/output=image/crop=928x928@16x0/cover=128x128&v=2)
I'd suggest meeting with a small local bank about setting up a Business Line of Credit collateralized by your existing rental. That would allow you to tap into your equity to acquire another property. I'm paying Prime+1%, or 6.5% interest. There are some setup fees such as, appraisal, closing fees. I paid around $500 to setup my line, and pay another $200 annually to maintain the line, above simple interest when the line is being utilized. Think of it as a large credit card with a low interest rate.