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Updated about 5 years ago,

User Stats

4
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0
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Daniel Gibbs
  • Rental Property Investor
  • Chicago, IL
0
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4
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Multi-Family refinance options

Daniel Gibbs
  • Rental Property Investor
  • Chicago, IL
Posted

I have a two flat on the west side of Chicago that has seen a jump in value since I purchased the property 2 years ago.  Both units are rented, and I have spoken to banks regarding a line of credit to use towards the purchase of another property.

Community banks so far are not interested in giving a line of credit, but have offered refinancing options instead.

My current rate on the property is 3.75%, so I'm not eager to move to a significantly higher rate (5.25%).  Does anyone have ideas of how best to tap into the equity of a non-owner occupied building so that I can fund another deal?

Thank you.

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