What is my best short-term liquidity option? HELOC?We just purchased a home in New Jersey and are selling our penthouse in Manhattan.To cover all the expenses of a new home (furniture, cars--now that we're not in Manhattan, etc.) and for comfort in carrying both mortgages for as long as necessary, I was expecting to get a home equity line of credit on our loft (we have about 60% equity in the loft). However, I was told that most lenders take 30-60 days to close and want the property off the market for 160 days. Although it hasn't been on the market since we purchased nearly 7 years ago, this is troublesome because we want to list the loft right after Labor Day.I can pursue home equity on the new home. We just moved in, but we only put 25% down and many banks want an LTV of 80%, or even 75% (such as SmithBarney) in New Jersey for some reason. That doesn't give me much room (or any, in some cases) to wiggle.I'm hoping to have access to $100,000 - $300,000 for piece of mind, though that is flexible. I would love to pay off my home mortgage with the proceeds from the loft and change over to a HELOC, but I will seek advice from my accountant before doing that. (I don't know much about the benefits of carrying a small mortgage, for example.)Oh, quick update if this helps:--loft estimated sale price $2.4 mil--loft mortgage/HELOC combined $1.1 mil--home purchase $1.15 mil--home mortgage $862 K--my credit fair (658) due to errant charge off currently in appeal, spouse credit excellent (850)--no other debt at all--combined income $275 KWhat is my best option? Any help would be very much appreciated.August 28 2009 - South Orange0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.