Bank Recommendation for Mortgage Equity Withdrawal

[Greg P.]

Hello

A couple years ago my wife and i sold an apartment at an excellent profit and did a 1031 exchange to another apartment. We now rent that place and own it outright, it is in a condominium building and has been rented since we put it on the market. 

I would like to take money out of this property and buy (cash) another property. So my question is has anyone used banks in new york that allow this. I would expect a bit of a penalty on the rate since i do not live there. But just finding out what banks actually allow this type of loan would be very helpful.

Thank you and as always i welcome any additional advice.

Thank you

GP

[Justin White]

HI Greg,

I don't have any experience in New York, but I know around here HELOCs are very common and the easiest banks to deal with are local banks. I suggest going into some local/regional banks or credit unions and see what they can do for you.