Own 16 unit complex clear-Need loan to help sister pay tax lien
Hi everyone, I have a 16 unit building owned free and clear, gross 150k per year appraised at 1.1 million in 2009. I need about 150k to help my sister out of a financial crisis, in addition to that I have been advised by many people to pull equity out of the building and leverage it to purchase another building and or use the additional money to pay the cost of separating the utilities here. I'm wondering what kind of loan I should be looking at. The property is in Metrowest county in Mass. The bank I'm speaking to now are trying to get to to sign on for a 400k 5/5 ARM loan. 4.5% initial interest for 5 years 20 year amortization. Should I be pushing for a simple 15 year fixed Refi (there is no mortgage on this building). Should I hold off on taking out any more money then I need to help my sister until I locate a good building I want to purchase? I want to stay within the same area because all my contacts are there and I travel alot.
Thanks!,
Ryan