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Updated about 5 years ago on . Most recent reply

User Stats

84
Posts
66
Votes
William Joseph
  • Property Manager
  • Plantsville, CT
66
Votes |
84
Posts

Advice on accessing equity

William Joseph
  • Property Manager
  • Plantsville, CT
Posted

I own a single family house with no mortgage. I bought it as a flip and listed it 2 months ago. Property has been under contract twice and both buyers walked due to the current pandemic (understandable). I have no interest in putting a tenant in as it is staged and still getting a trickling of showings. The question I have is what is the best way to leverage the equity in the property. It is owned by an LLC and is not commercial property. I guess I could get my hard money lender to lend against it but really want to avoid the points.

Any non HML solutions? Will a commercial lender lend against residential property? I would be fine with a low LTV 65% line.

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