Can you refi and pull equity out of a single family?

Question

I have a business owner friend in Va Beach that also has a single family rental.  He is also a retired military officer.  He is trying to pull some equity out of his rental.  He has owned the house for nearly 10 years and says he has just over $100k in equity.  He has been to several banks that have turned him down.  Do you have any suggestions as to who he may be able to go to?  I am brand new so haven't gotten the experience yet but was thinking that he should be talking to a mortgage broker instead of a banker.  Any suggestions would be helpful.  Thanks~!

Mark Elkhill · Answer

Thanks Marshall~!

Marshall Martinez · Answer

@Mark Elkhill There could be a number of reasons they won't allow him to do a cash out refinance. Reasons could range from Income qualifications to FICO scores. He could also look at getting Home Equity Line Of Credit.

Mark Elkhill · Answer

Thanks Chris.  I guess I am asking if it is doable with investment property.  I would think that it is and would be easy if there is lots of equity in the place.  Again, this may be a crazy question but I am new and haven't had the opportunity to pull out equity from a rental.  Not there yet.

Chris Mason · Answer

Hi @Mark Elkhill,

None of us can offer any guesses as to why he's been having troubles, if he hasn't shared that with you.