Searching for non-traditional refianancing options
I have a vacation rental property in southern New Jersey that I am looking to pull out equity for upgrades so it can be sold for the highest possible value. Based on the area, with some updates and renovations, the property would be worth considerably more.
The property is currently worth 2 million with a 300k mortgage leaving us with 1.7 in equity. Additionally, our credit is in the low 700s range. It would be higher but, the current mortgage rate is 6.9%. Therefore, each winter we will fall a little behind on a couple payments but, then we always catch up in the spring after we have received payments for the new bookings. This pattern has been going on for quite a while.
I know what we can get for the property now is not a small amount. However, I am looking for options on how to find non-traditional financing for the property upgrades to raise the home market value.