Trouble getting Equity out...

[Ricky Harris]

We have a multi-family property that we bought in 2019(it's our primary residence) with a private lender(family) 2.74%. 3bdx1.5br(fully renovated), 2bdx1br, converted studio garage(not permitted but fully renovated). We owe $689,000 on the mortgage, we recently had the property assessed, and the number we got back $1.275M-$1.35M(studio counted as office space). Talking to a few realtors and doing our own research that's about spot on.

The property cash flows well. Grossing around $8.5k per month. Netting about $3k

We are trying to get about $100K to renovate the 2bd and do some stuff on another property we just purchased.

The issue is our interest rate and the flexibility with the private loan is something we aren't trying to refi out of. Our credit is in the 620-640 range.

We were thinking a HELOC would be the way to go but I've spoken to a few lenders and none was willing to even look outside of a credit pull or they want to push us into a refi...

Just lost in terms of where to go from here. Do I keep trying different lenders? Do I look at getting some other form of financing for the project?

Any insight would be helpful