Home Equity loan on rental condo - in 1st position?
Anyone have ideas for a lender who will do a Home Equity Loan (prefer fixed) on an investment property that is owned outright? (no first position mortgage). In California.
I would pursue a cash-out refi, but only looking for ~$50,000, which is below many lenders minimums, or have such high costs that I'd like to avoid given the principal amount. And it's a non-warrantable condo (due to owner-occupant ratios).
Basically trying to pull cash out of this unit to purchase another.
-Matt