Hi. I am trying to help a friend who has poor credit. He owns a Co-Op in a suburb of NYC which is valued at around $60,000. He has no outstanding balance on this property. I have had troble finding a lender in this area who will do a re-fi on a Co_Op property. Even though his credit is poor, I would think that there would be some way for him to to a cash out re-fi which enables him to pay off his car loan and credit card ($25,000 total). He is currently paying over 22% interest on his loans, so even if the re-fi were at 10% he'd be saving big bucks. Does anyone know of a company that would re-fi a case like this, or maybe there is some other creative financing option I am overlooking. Thanks.
Rob