Cash out refi

[Kiara Montmeny]

Hello!! I am new to investing and fell in love with Puerto Rico 4 years ago after visiting. We have been going for years and are finally ready to invest. I know the island decently well but I am having a hard time find out if you are able to do a cash out refi, after using our heloc as leverage. Anyone had any luck with this?

[Kathryn Morea]

Hi Kiara, 

So you are asking if you can do a refi on a property in PR? Or you are planning to use cash from a HELOC on a property in the mainland to do a cash purchase of a property in PR? The 2nd is easier.

To my knowledge there are no HELOC type products in PR that allow you to draw down / pay back the loan over time. However I have heard of people doing cash out REIF's if the income is easily verified and equity is there. Longer and harder than mainland but theoretically possible. If no bank will do this (lending products change all the time) I know several private lenders that may do it (expensive, but if it pencils, that's an option) DM me for contacts.

-Kathryn