Posted by Michael Morrongiello on October 06, 2009 at 00:09:53:
In Reply to: Raising cash - lots of equity posted by Lin (NC) on October 05, 2009 at 14:02:18:
Lin;
You will find few lenders will consider a pure 2nd lien loan against an investment income producing property like you have described here. This is especially true in todays market.That VERY dangerous short term balloon payment coming due soon is also problematic....
You very well may want to consider an outright REFI with cash out right now while interest rates are very low - ASSUMING you can qualify. IF you can you will still have to deal with that balloon clock ticking.
Tic Tock, Tic Tock, ...As an alternative a $340K WRAP AROUND loan giving you cash out of $100K or so might also work. This assumes a private type lender would be comfortable making that type of advance to you against this type of collateral.
Just my quick .02 cents...
Michael Morrongiello