How do I tap my equity in Texas? Thanks... - Posted by Tim Randle

Posted by Tim Randle on December 07, 1999 at 08:06:21:

Two of our properties have some equity and I’m unable to come up with a way to get to it. I’ve been able to find a lender who can usually exceed the “max 80% cashout” refi typical response on SFH in Texas, but he can’t help with this duplex and fourplex. Here’s the details:

FMV 145k to 150k
1st 108k at 7.125%, 14 years left (in my name and wife’s)
$350 month positive

FMV 140k to 145k
1st 102k at 9%, 27 years left (in prior owner’s name)
2nd 102k at 9%, 27 years left, balloon in 2.5 years (wrap in name of our L.L.C.)
$700 month positive

We have good income and credit, and wouldn’t mind a refi on the fourplex if we could pull some cash out. We would like to shoot for approximately 90% CLTV. I only have a general understanding of the paper business, so please let me know what additional details are necessary. I have not contacted any note brokers, etc. yet. Thanks…