First Lien of up to $150K wanted for $600K Cherry Creek Condo

[Bill S.]

I have a condo in Cherry Creek (335 Detriot St unit #305). We (my wife and I) own this free and clear. We inherited it from my Father and it has a high quality tenant in place who has never been late on rent. The current lease expires in May of 2021. We would like to sell the property but it's a family thing and the tenant wants to stay. We would like to tap up to $150,000 of the equity (for what it's worth, we have an appraisal from the estate for $600,000 and assessed value is above that number) to use for the fix up of a duplex flip we have purchased. The loan, secured by a first deed of trust for up to 1 year, to us could be funded with an IRA or cash on hand. Let me know what your terms would be.

Due to the time frame of the lease and all the trapped equity, a conventional loan does not make sense to me so that's why I posted here.

Thank you. Bill