Are there financing deals that I can collateralize equity from another property?

[Sarah Miller]

By this I mean, I have a property which should have a good amount of equity in it but I don't want to wait the seasoning period to pull it out since I just bought it.  Is there a way to purchase another property and use the equity from the first property as my 'down payment'?

[Neil Aggarwal]

The only thing I think you can do is a cash-out refinance on the first property. You will take a bigger loan, pay off the existing loan, and keep the difference as cash to do with whatever you want.