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Updated about 5 years ago on . Most recent reply

User Stats

6
Posts
1
Votes
Tara A Riggins
  • New to Real Estate
  • Chesapeake, VA
1
Votes |
6
Posts

A friend needs advice

Tara A Riggins
  • New to Real Estate
  • Chesapeake, VA
Posted

My friend has a rental on the Eastern shore, and owes about 30k left and he's at an 8.5% interested on his loan. He has about 5-10 years left. Appraisal and tax assessment comes in around 65k. My friend wants to pull some equity out to hook up from septic to city sewer and replace windows. He's gone to a bank maybe a few to try and cash out refi and they've said the loan amount is to small for them to help since it is an investment property. I need help finding some options for him. 

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