HELOC or Cash Out Loan for Rental Property with No Debt in CA

[Robert M Erickson]

Hi All!

I currently own a rental property (Own-Your-Own Condo in Orange County) that is paid off ($750K ARV) and rents for $2,800 per month. Do you know of any banks or lenders in CA that will lend $50K-$100K on this?

I spoke to a mortgage broker who said I would probably need to do a hard money loan at a loan amount this small but was hoping someone in Southern California knows of a small bank, credit union or lender that would be willing to lend on something like this. Short term loan with no prepayment penalty would be ideal but open to all options.

Thanks for the help!

Robert