Re-Fi Advice in Free & Clear Property

[Angie Bryant]

Looking for advice on the best way to pull equity from my first investment property that I own free & clear. I recently rehabbed it with private funds and have a tenant in place and would like to pull equity to repay my private lender. Any suggestions on which lending services are friendly to self-employed individuals would be helpful. Thanks in advance

[Arvi Carkanji]

Look for small local banks. I was in that same position just 3 months ago. I went to different banks and they told me my income wasn't good enough or they would only do 75% of Appraised value. I finally found a bank that would approve based on rent and they do 80% of appraised value. So it's a commercial loan 6% interest, they make sure the rent covers the mortgage at least and they give you the money.