Pulling Equity out of LLC Property
I have a lender who is telling me that I need to use $25k of my own cash to purchase another property while I have a duplex in an LLC that has over $129,000 in equity. Does this make sense to anyone? I asked them to pull a second on the property (they hold the note) and they said "sure! you put up 25k cash and we will put up the other $15k in a second out of your property". Credit rating is 725
Any suggestions or lenders you'd suggest would be appreciated.