Getting the Equity Out.

[Donnell Evans]

I just finished up on a rehab and I want to take the equity out of the property to buy another investment property that I found through my monthly mailer. Can anyone suggest a bank or company in Philadelphia that is real estate investor friendly? I just tried to go through Santander and they shut me down after pulling my credit and reviewing my W2's. I want to go based solely off of the value of the property I busted my a$$ to purchase the property and rehab it and i thought when I got this far it would be smooth sailing. Boy was I wrong!

[Brian Larson]

Best bet for short term is to secure private money, interest only. Then immediately start a refi with a conventional lender. By having the private loan you are now doing a rate and term refit and seasoning is not an issue.

Good luck