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Callie Smith
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Equity out of a rental property

Callie Smith
Posted

I'm in Ohio, I have an LLC of which I am the sole entity/officer. I own a duplex without a mortgage. Have had it 20 years. Value of the property is $130k.

I want to pull out $75k of the equity to pay off another rental I am buying on land contract over the last 5 years. Trying to do a HELOC to avoid closing costs. I've been turned down by 3 banks and 1 credit union because they don't loan on rental properties. My credit is 750.

Anyone else in this situation have success finding a lender?

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