I need help with re-financing

I need to pull cash out of a home I live in that has appraised, just last week, at $
The current financing on it is structured as a first and second mortgage for a total of $

I have a credit score of 775. Problem, I spent most of my cash and about $100.000.00 in credit cards to finish the home. I have about $50.000.00 in cash left

Can anyone help me with this.

I need a low doc loan min 75%LTV. in Georgia.

The big questions are how long have you lived in the house? And when you say low doc do you mean stated? Or “No Doc”?

I have lived on the property for the past 8 years. I am self employed and my reported income does not come close to reflecting my cash flow. The loan I referred to closed in Sept. 07.

I intend to use my equity to expand my business, I am a builder, and pay off the credit debt.

I need options.

I am confused. You say you have lived in the house for 8 years yet you just took out financing in September? Were you renting it before? Also, is the house completed yet?

I have owned the property for all 8 years. I bought it for 80.000.00 and have built it over time. I obtained a loan for 820.000.00 a little over a year ago to complete the construction. At that time, Dec 2006, the estimated completed value was ascertained to be 1.300.000.00

The bank would not entertain appraisals that showed through comps that the home at 11000 sq.ft. was worth more than 1.300.000.00.

The appraiser they used valued one 1800 sq/ft wing of my home at $9600.00

I am hoping I have more alternatives to re-financing this property than selling it.

You could go with a stated income/stated asset (SISA) program up to 75%. Due to loan size and it being a cash-out it will be more difficult to go higher than that using low doc loans. You will need to have two appraisals done on the property as well. After closing costs and pre-pays that would put about 400K in cash in your pocket.