Need loan worth $ 200 on my fully owned rental property worth $250,000/-
I am looking for loan for an amount of $200,000/- on my fully owned rental property
Worth $ $250,000/-
Ready to do down payment of 20-30%. What are the best options available for me. Yours valuable inputs would well be appreciated.
It sounds like you want to do a $200,000 “cash-out refinance” of your existing rental property, which is worth $250,000 and you have a 100% equity position (you “fully own” the property). Based on those assumptions, you may be able to qualify for 70% – 75% loan-to-value (LTV). This would get you $175,000 to $187,500 based on a $250,000 valuation. If you want $200,000, that would require financing on 80% LTV, which may be difficult to qualify for on a rental property. For more details, check out our cash out refinance guide. Good luck!