Refinance Property with Equity

[Joanne V.]

Just joined biggerpockets and would love some input on our current situation regarding financing.  We are looking to pull out  equity on the only investment property we have at this time.  We were landlords and did a few flips, but then came 2008.  We have a property with a 1st of 161K and 2nd 96K.  Value of home is a minimum of 1.5 million or maybe higher.  Looking to renovate one of the apts that is presently empty as well as start RE investing again.  We are holding on to the property.  We were discharged from Chapter 13 4 years ago.  Traditional financing is not an option, one reason is need to wait 7 years out of discharge, and my husband recently left the rat race and started his renovation business. 

I am thinking hard money can be a way to go, but doesn't seem like a long term option and we are definitely keeping the property. 

Any suggestions/ideas/route from some seasoned investors would be greatly appreciated.

[Debra A.]

Greatly depends on the lender. I know of mortgage products for example that will allow you to look at the income being generated from the property itself (don't care about W2, tax returns, etc). They will also allow a BK discharged 4 years ago. Just have to know the right lender with the right products and guidelines. Have to think outside the box and dig around- most traditional lenders don't have products for investors so they don't know these things exist. Not their fault, their company just doesn't serve that market.