Pulling money from paid off prop, but bad credit/self-employed

[Account Closed]

I found a foreclosure to fix and flip. I own 3 properties free and clear, approximately 3x the value of this fixer. 

I'm in the process of repairing my credit after a bout of identity theft. I am self-employed and take out large deductions, so using returns for income verification is a problem.

Do I have any options to pull out equity from these properties, or do I have to turn to hard money to fund this flip?

[Timothy Maloney]

@Account Closed  You can pull 60% even with poor credit.  The rates might be in the 7's/8's for a 15-20 year fixed.   So long as the minimum property value is 100k you can avoid hard money.

Good Luck!

[Matthew Olszak]

@Timothy Maloney Can you elaborate on options? I have a client with a paid off home worth about 100k-120k, 60k would get her just what she needs. Credit report is almost empty.

[Timothy Maloney]

@Matthew Olszak  Options for Non owner occupied:   

Option 1. 15-25 year fixed loan - 60% LTV, 3-4 points, and a rate in the 8s (for an empty (but not bad) credit report. Take 45-60 days to close.

Option 2 - Bridge loan while she builds credit - 8-12% interest only payments for 18 months - 3 points and likely the same 60% LTV. Takes 15-20 business days to close.

If this is her primary residence then neither option I listed would apply.

Thanks!

[Account Closed]

What about income verification? Would a heloc be available and perhaps a better option? Thanks