Max Cash Out
One of the hotels I own is appraised at 2.1M and I currently owe 1.45 on it. What is the best way to get cash out on the property, as refi would only do 75%LTV. My banker suggested a sale/purchase transaction, but I would rather not go that route.
what about a partial sale? That would give you the money you need and you wouldn't have to pay it back and you would maintain control of the property.
[addsig]
You may consider cross collateralizing your assets with another property you are looking to buy. This does put your assets at greater risk but usually allows you to leverage your properties more because it is less risk for the bank.
Those are all great suggestions. Thanks a lot guys. Do you think I could get a line of credit on that equity or a second mortgage? The debt coverage ratio would support up to 2.2M in debt service.
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