Greeting Investors,
I need your help and advises team. Two of my properties are holding great equity and I want to get some cash out.
I am a Buy and Hold investor in the Chicago area.
1. (HELOC on Investment Property) - I have this multifamily property I purchased with an FHA loan 3 years go (live in it and move out later, hacking). It has at least 100K in equity. I have a great rate, 3.25% and it is cashing flow well. Refinancing this property is not an option because of high interest rates. I want to tap into the equity and re-invest into purchasing multi family properties.
- Do you know of Banks (Local Chicago Banks) that will do an HELOC on investment property (75% or higher) beside Wells Fargo (i believe they are at 55%-60% LTV)
- What would you do to tap into the equity?
- Do you know of local banks I should build relationship with in order to build my real estate empire?
2. (Cash Out Refinance) - I have this multifamily property I purchased as investment with 25% down using a traditional loan. It has at least 60-80K in equity. the Rate on it is 5.25% and it is cashing flow very well. I want to refinance this property and pull some cash out to re-invest into purchasing multi family properties.
- Do you know of Banks (Local Chicago Banks) that will do a Cash Out Refinance at 70% or higher?
- What would you do to tap into the equity?
Thank you so much for you help and support.
Bart
