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Updated over 1 year ago on . Most recent reply

Justin Chan's profile image
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Justin Chan
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Justin Chan
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Private Lending & Conventional Mortgage Advice

LOC or cross collateral loan on a mixed use property in RI

Justin Chan
Posted

Is there a lender willing to do a Line of credit second position loan on a mixed use property in RI? Or a cross collateral loan on the same mixed use property located in RI to buy in Florida or Texas? 

Providence, Rhode Island
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Erik Estrada
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Hey Justin, 

Most hard money lenders will want to do a cross collateral loan on a property in the same state. I have not heard of any commercial banks offering a LOC on a mixed use or any second mortgage. Lending is tight now, so it may be tough to find.

Have you looked into just doing a cash out instead?

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