Loan on current property - LTV over 80%

[Nanette Miller]

Hi,

I currently own a condo in Kissimmee, Florida, it has some equity now. I want to borrow against the equity and use the money to purchase a Multi Family Unit. I don't have a lot of equity but want to borrow as much as possible. I wanted to know if anyone knows of a good bank that has a higher LTV than 80% that you could recommend that I talk to.

Thanks.

Nanette Miller

[Albert Bui]

Originally posted by @Nanette Miller:

Hi,

I currently own a condo in Kissimmee, Florida, it has some equity now. I want to borrow against the equity and use the money to purchase a Multi Family Unit. I don't have a lot of equity but want to borrow as much as possible. I wanted to know if anyone knows of a good bank that has a higher LTV than 80% that you could recommend that I talk to.

Thanks.

Nanette Miller

 Hi Nanette,

if its showing up on your tax returns as a second home (on Schedule A instead of Schedule E) then there are ways to get equity out of the property above 80%.

I have access to a HELOC to 85% up to 350k max loan amount for second home properties.

However, if this property pops up on your Schedule E, myself and many other lenders will consider this property a rental property and it will be in unicorn status to find any debt capital above 80% LTV just FYI.

Best Regards,