$700k in Equity Trapped

[M T Naughton]

Hi all, 

I purchased a house for $1.2m, renovated it with $150k, and now it appraises for $1.9m. I want to get access to the money and was going to refinance but interest rates are crazy. Furthermore, this is an Airbnb so I don't want to have so much equity in the home as it's more likely to have a lawsuit issued against it with so many people going in and out. 

Aside from refinancing, someone told me I could take out a 2nd mortgage. Does anyone know how that works? Any other ideas? Thanks. 

Best,
Matt