tapping equity

jaredevenson · Joined: 17 Oct 2007 Posts: 27 Location: Spokane Valley, Wa

I have a 5.5 Million dollar home that only has 2.7 million against it, just refinanced in march. i'd like to tap 250,000 dollars out of that property. it is my primary residence

problems i am coming across.

too many properties financed. i have 14 properties financed. ALL with good equity in them.

i can prove income, i have great credit score. what bank can do this loan.

i also have 3 countrywide option arms that i'd like to Refinance out of, lots of equity in those properties. maybe even alternatively tap the 250,000 out of those 3 properties?

who can do this loan?

liverichly · Joined: 10 Feb 2005 Posts: 198 Location: Orange County, CA

I'd look into getting a 2nd mortgage on your $5.5m home rather than refinancing it again. If you haven't, I'd speak to Key Bank (local to Seattle) about getting a 2nd mortgage, they've been very helpful to my past clients. Generally banks will have better 2nd mortgage options than mortgage brokers will.

I have access to a lender who lends in Washington which allows unlimited amount of properties to be financed. Current rate on a N/O/O SFR up to 75% LTV and a $600,000 loan amount is 7.125% (APR under 8%). They also do HELOC's on primary residences with no limitation on amount of properties financed, 80% CLTV max, all rates are within Prime +/- 1%.