Updated almost 9 years ago on . Most recent reply
How to use paid in full properties for loan purposes
We own several properties free and clear and looking to buy another property and possibly bundle existing properties as collateral. The properties we own while free and clear are under $100 k and we are looking to buy a better property, maybe even 4 plex. Any suggestions on how I can liquidate our existing properties so we can get cash out to buy a new property. Few important factors: all the properties are under an LLC. I would like to get one bundle loan rather than 5 helocs, if possible. Thanks for the feedback.
Most Popular Reply
Our DC hard money lender told me they avoid cash-out refinancing, but that my free and clear property could be used as collateral to reduce the down payment of a new loan. I don't especially want to disturb the tenants with inspections or appraisals of that lender or a conventional bank doing a cash-out mortgage.