Posted on: 20th Jan, 2011 12:10 pm
I'm building a unique (timber framed) custom home in WI, using superior materials and craftmanship. I've put $450K into it and currently have no liens or mortgage. Readily available cash is getting short.
I want to borrow perhaps $100K to finish.
I have a second home with perhaps $100K equity, a great job, 800 credit rating and $250K in IRAs. No appreciable credit card debt.
I own a third home that I rent out. It is pretty much fully leveraged.
What would be my best option to finance the $100K?
I want to borrow perhaps $100K to finish.
I have a second home with perhaps $100K equity, a great job, 800 credit rating and $250K in IRAs. No appreciable credit card debt.
I own a third home that I rent out. It is pretty much fully leveraged.
What would be my best option to finance the $100K?
Welcome dmiller,
You can cash in the $100k equity that you have in your second home in order to get the required financing for your new home.
You can cash in the $100k equity that you have in your second home in order to get the required financing for your new home.