Plenty of equity in Long Beach...Now how can I get it?

[James Peters]

Hi all,

I have been dealing with a family property that I am now managing on behalf of my father, that was my grandmother's before she passed away.  We are only paying 1k a year for property tax due to prop 13, so I want to keep the property.

The house is in Long Beach and there is $195k owed on it at a 4.75% 30 year.  A recently remodeled home 3 doors down just got put on the market for $700k.  

I will need 80-100k to upgrade the house and 50-60k to get a mobile home and relocate my father.  

I am looking for a referral to a bank that will allow me to pull out some money. I have spoken to several credit unions and since it is not my home, I could not do a HELOC.

Does anyone have a lender they could get me in touch with? 

Thanks!

James

[James Peters]

@Steve Allen  Thanks. I will reach out to Navy Fed as well.  Spoke with Fremont and they are Prime + 2.  Way too much.  Not doing a refi yet because I need some money to fix the property and not sure on the time table.  Don't want to be paying interest on money I am not using. 

Also Pentagon Federal has good rates but the reviews are scaring me and it is taking them 60 days to get funding.