Looking for a HELOC / 2nd mortgage on an investment property
Hi,
We bought and rehabbed a home and it's been active as a short term rental for almost a year now in Sedona, AZ. We are looking to pull some cash out to recover our rehab costs and having a hard time finding a solution. We secured a 3.5% loan so we would like to avoid doing a cash out refinance. Ideally, we were looking to see if a private investor would do a 2nd position mortgage or HELOC.
loan balance is 740k
house would appraise between 1.3-1.4 million
We would like to pull out 200k
willing to discuss all creative options.
Thanks for considering!
Yash