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Updated over 7 years ago on . Most recent reply

Michael G.'s profile image
Michael G.'s profile image
Michael G.
  • Rental Property Investor
  • from Mystic, CT
  • Member since Apr 1, 2016

User Stats

23
Posts
1
Votes
Michael G.'s profile image
Michael G.'s profile image
Michael G.
  • Rental Property Investor
  • from Mystic, CT
  • Member since Apr 1, 2016
Michael G.
  • Rental Property Investor
  • Mystic, CT
1
Votes |
23
Posts
Private Lending & Conventional Mortgage Advice

Refinancing a rental

Michael G.
  • Rental Property Investor
  • Mystic, CT
Posted

Hello,

I have a single family rental located in Connecticut that I would like to refinance to extract equity. The current mortgage is $153k and the current value by a local trusted realtor is $270k +/-.  I plan to invest the equity into another rental property.  I have a few questions:

1. Is it possible to have a HELOC type loan on a rental property? If yes, who offers?

2. What is the standard loan to value percentage on a rental?

3. From the user community: is their a lender that you would HIGHLY recommend?

4. What is the best type of loan for extracting equity given my scenario?

Thank you all!

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