All Forum Posts by: Daniel Gibbs

Hi @Victor Avelino,

Haven't moved forward yet---but am planning to do so in 2020.  Just had a new baby 4 months ago, which tkes all of my focus.

I'll be sure to follow up when I make my next move.

Dan

@Mark Ainley, @Theo Hicks, @Andrew Harrell

Thank you for your insights.  I've also managed to research several lenders working in the West Side.

I will reach out with additional questions, but I do appreciate the solid information.

Hi Theo,

I have approximately 47% equity in the property.  Banks have said that they are not interested in being 2nd position on a non-owner occupied property.  They have said that it would be different if I lived on-site.

One bank also said that for a line of credit, they would only consider purchase price + actual cost of renovations for  determination of value.  Market value was not considered unless I was doing a cash out refi.

I have a two flat on the west side of Chicago that has seen a jump in value since I purchased the property 2 years ago.  Both units are rented, and I have spoken to banks regarding a line of credit to use towards the purchase of another property.

Community banks so far are not interested in giving a line of credit, but have offered refinancing options instead.

My current rate on the property is 3.75%, so I'm not eager to move to a significantly higher rate (5.25%).  Does anyone have ideas of how best to tap into the equity of a non-owner occupied building so that I can fund another deal?

Thank you.