Using equity with a mobile home on the property
All in Maine
Let me start with my latest deal, which is falling apart. Restaurant building for $80k, I was going to get a second mortgage on my 3 unit rental with my current bank to be the downpayment restaurant building. They spooked, decided to drop it, so I’ve been looking at other banks.
Turns out the restaurant and coronavirus issue isn’t my only issue. The property in which I have a ton of equity (relative to myself) is a duplex with an additional single wide on a foundation for a total of 3 units. It was appraised recently at $283k when I used $45k of it’s equity towards a down payment on a quad plex and I owe $78k on the original mortgage.
So my issue I guess is an issue of liquidity. Banks are saying the won't refinance with a mobile home on the property. I want to pull and utilize that equity to hopefully realize a gain on it, but my current bank (commercial loan, LLC, local bank portfolio loan), is currently preventing me from doing that, at least to use towards a downpayment (or even full payment!) of this restaurant building.
Additionally, in the future (maybe a year or two) I would like to use some of the equity towards a downpayment the next state over which the local bank doesn’t do mortgages on.
How can I pull my equity?