Need $50K equity out of free & clear property with $3,150 per month cash flow

[Shawn Long]

(For my client) Own a mixed-use property free and clear that is currently bringing in $3,150 per month and is 40-50% occupied in central Indiana. Client has bad credit. Is there a lender out there that can help him turn $50K from equity into cash so we can finish the project? 

Also can someone tell me if a buyer can get an FHA loan on a multi-use property? Shame on me for not remembering

[Joel Weiser]

FHA DOES allow Mixed use if it's 51% residential and the borrower will live in the property. (I closed one before). However, if it's not completely livable that can be an issue.