What kind(s) of loan do I need?

Financing, Hard Money Lenders, Private Money
1

I own a small investment property worth $50,000, that I paid full in cash.
I would like to use the equity in that property to purchase another in the 60k-100k range. If I am able to do a home equity loan and get $40-45k, what kind of loan do I need to get the rest of the $$.

I’m a newbie who needs a little direction. Any advice would be appreciated!
Thanks!

2

kiko,

You would just need to apply for a NOO investment loan. How long have you had the current investment property?

3

Christopher,
Thanks for the reply. I have owned my current investment property for 13 months.

If you can, please explain the NOO investment loan.

Thanks!
allen

4

It is the same as a regular loan. Your rate will be a bit higher, but with the down payment you are talking about you should have no problems. Just do a cash-out on the first property, then a NOO investment loan on the new property.

5

You may not need to cash out your first property in order to acquire your next purchase. We have 100% programs for non owner occupied investment property purchases. Best to call to see if you qualify. What state are you in?