Plenty of equity in Long Beach...Now how can I get it?

Question

Hi all,

I have been dealing with a family property that I am now managing on behalf of my father, that was my grandmother's before she passed away.  We are only paying 1k a year for property tax due to prop 13, so I want to keep the property.

The house is in Long Beach and there is $195k owed on it at a 4.75% 30 year.  A recently remodeled home 3 doors down just got put on the market for $700k.

I will need 80-100k to upgrade the house and 50-60k to get a mobile home and relocate my father.

I am looking for a referral to a bank that will allow me to pull out some money.  I have spoken to several credit unions and since it is not my home, I could not do a HELOC.

Does anyone have a lender they could get me in touch with?

Thanks!

James

James Peters · Answer

@Steve Allen  Thanks. I will reach out to Navy Fed as well.  Spoke with Fremont and they are Prime + 2.  Way too much.  Not doing a refi yet because I need some money to fix the property and not sure on the time table.  Don't want to be paying interest on money I am not using.

Also Pentagon Federal has good rates but the reviews are scaring me and it is taking them 60 days to get funding.

Steve Allen · Answer

Heard Navy Federal Credit Union offers some products that may fit your needs.

I have not used them, but an associate did and got very favorable terms.

James Peters · Answer

@Brad S.  I also called California Coastal credit union and they will loan 250k at Prime plus 1 with a 70% LTV.  America First is Utah based and only loans in Utah, Idaho, Nevada.

Amanda T. · Answer

Makes sense and something I will keep in mind as I move forward as well.

Rao Mu · Answer

I went with garden savings bank in NJ and got 100% financing with 80% on mortgage and remaining 20% on HELOC. They require it to be your personal residence.

James Peters · Answer

I am going to check out America First Credit Union, Pentagon Federal Credit Union, Fremont Bank, Golden 1 Credit Union, and First Tech Fed and see what I find out.

Thanks for the help!