Loan Inquiry for property purchase

1 Reply

I currently have a multi-unit appraised at 255K, with a balance of 174K. Good cash flow, monthly mortgage and expenses 1600, monthly rental income 3300. I have a full time job and make 6 figures, little expenses, good credit. I am looking for a way to borrow out of my property 60-80K, to use as a downpayment to purchase another multi-unit. 

Originally posted by @Mario Morales :

I currently have a multi-unit appraised at 255K, with a balance of 174K. Good cash flow, monthly mortgage and expenses 1600, monthly rental income 3300. I have a full time job and make 6 figures, little expenses, good credit. I am looking for a way to borrow out of my property 60-80K, to use as a downpayment to purchase another multi-unit. 

You sound like a well-qualified borrower, but unfortunately you don't have enough equity in that property to borrow $60-$80k from it. That'd put you at least over 90% LTV, and up to roughly 100% LTV.

Not going to get that with a cash-out refi or a HELOC on a rental property.

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