equity

[Stephen Craig]

hi my trying to get the equity out of a house that sister owns in Florida. We want to invest in  property in Hawaii where I live. She had to file for bankruptcy five years back. We tried with one big bank but they said that I have to live there in order to get the loan. I'm not moving. Any suggestions on how to get the equity out if I don't live there. Like a certain type of ownership?

[Jeff Copeland]

Where in Florida is the house, and is it owner occupied by your sister? If so, I would suggest shopping around with multiple banks. The loan will likely have to be in her name, and the bankruptcy will be a factor.

If not, then I'd suggest finding a local community bank that will offer a commercial line of credit secured by the house.