Cross Collateralize Free and Clear Property to purchase 4 unit
I am writing an offer on a four unit tomorrow in south east Wisconsin. I am looking for the most economical way to leverage a free and clear duplex I own (worth appr 120k) to cover the down payment (appr 35k). Obviously I can cash out refi it and get conventional financing. But then I have to pay closing twice. Unfortunately the private lender I had has stopped lending which would have made this easy. I am wondering if there are any banks or hard money lenders in the MIlwaukee, Kenosha, Racine area that would do a cross collateral loan and if there fees and terms would be more economical than the traditional route. Thanks BP nation for any help on this.