Best way to use equity to buy land
I am trying to buy a piece of land for 44k to hopefully build another rental on. I'm trying to use equity from my rental property but my bank doesn't do home equity loan from rental properties. My home is valued at almost 400k and I owe 162k on it. I also have a duplex I rent out and live in as well that has equity of about 100k. I have equity but all I'm trying to borrow is 50k to cover land cost and closing. I don't know any good way of using equity from my homes to pay for this land I feel like I'm stuck. Asset rich cash poor. Any advice is helpful. Thank you
@Maurice Boston, are you willing to do a cash-out refinance and give up your current interest rate for most likely a higher rate? If so, @Edward Tindale can assist you.
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@Raymond J. Rodrigues I would want to keep my current interest rate it's only 3.125% and I know it will never be that low again. If I cash out refi was enough to buy the property and build a house then yes but only limiting to 70% I won't be able to. I just want the money so I can pay it back then in a few years build a house using cash out refinance
You could try a hard money loan and leave the equity in your home.