Updated about 6 years ago on . Most recent reply
Lending on equity for properties out of state
I currently have about 400k (appraisal value) in equity on my property. I want to use some of that equity to invest in a MF building in Ohio, but I live in Illinois and the banks I'm talking to will only lend on assets that are in their state.
Any ideas or help?
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@Bill Jaqua you would just refinance your IL property in IL then use those funds as down payment for a new loan in OH. Or someone licensed in both is actually more commonly a smaller lender who specializes in loans only and not bank accounts.