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Trying to refinance my rental property on Long Island...

Hi, I bought a rental property in Mastic Beach on Long Island in April, 2011 for $75k.  For a quick deal, I used private money, 16% interest-only.  I have totally renovated it ($20K), put $20k down, have a great tenant, and want to refi the $55k balance.  My credit us just under 700 - perfect payment record, but used credit cards to renovate and close, so my debt ratio is too high for bank.  Of course, with a better interest rate, I'd be able to pay down the cc debt much faster...  Any ideas?  Thanks.
  • March 28 2012 - New York
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Answers (1)

I can possible do so depending on the appraised value. Since it's a investment property retrieving the equity isn't as easy. I am willing to create a no cost, no obligation quote just contact me via my profile.
  • March 28 2012
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