Posted by Essadi Financial, LLC on October 07, 2003 at 11:52:25:
Hi J,
Actually you’re in a nice position. You have the option to refinance your current mortgage for cash out. You maybe able to find financing that will lend you the down base on a second mortgage or home equity line of credit.
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!
Re: Financing for 6-plex - Posted by Eric
Posted by Eric on October 08, 2003 at 17:11:48:
You have all kinds of options. Your best is to refinance your home, pay off your HELOC (I’m sure you will have to anyway), and then take that money and put it down on your 6 plex. It shouldn’t be hard to find a lender that will refinance your home at a great rate. If you need some referals though I know some great ones.
Eric