Refinance Investment Property for Down-payment in Boston, MA

[Account Closed]

Hello BP,

I currently have a 3-family investment property and I'm looking to purchase another property using equity as down payment. 

I just closed on a Line of Credit from my investment property last week; but am now wondering if I should've done a cash-out refinance instead. I've called multiple banks but they will only offers LOC because its not a primary property! Do any banks even offer this if its an investment property? If so, is it still possible for me to apply for this giving that I just closed on a Line of Credit even though I have not pulled any funds out?

[Lien Vuong]

@Account Closed you definitely can, it's just a matter of closing costs and time for you now. Why do you think it's more beneficial for you to do a cash out refi instead? Since you have not identified property it might be a good idea to have the LoC first so you can properly execute at your convenience. 

If you're still considering LoC, local Credit Unions should be able to do that for you - I have one in mind that would be able to execute 80% of the value of the home for non owner occupied with rates just around 4%.