Creative Real Estate Financing
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago,
Multi-Family refinance options
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.