Financing for 6-plex - Posted by J Rixter
Posted by J Rixter on October 06, 2003 at 18:18:20:
Hello. I own a home in Anchorage Alaska valued at $143,000. I currently have a HELOC on this property with an outstanding balance of $39,000. This is the only outstanding loan on this property. Therfore I have equity of just over $100,000. I would like to purchase some income producing property most likely a 6-plex. However I have no cash to put down. My question is are there any lenders willing to let me use the equity in my home to purchase this apartment building? I am retired and receive a fixed income of $2100 per month and my credit score is 697. I have no debt other than my HELOC. Thanks for the help!