$1 million condo 2nd home - heloc vs 2nd mortgage vs cash out refi
I am looking to buy a property for STR/second home use on the beach in florida - around the $1 million mark and am not sure what my best route would be.
I'd like to pay for the property in cash and put it in an LLC. I have more than enough cash/equities to make the purchase, but they are invested and I'd rather leave the majority of the cash accounts where they are.
I would assume I could qualify for a mortgage (credit score 800, $1.5mil+ annual income, only signficant debt is $150k student loans and $1 mil mortgage on primary house) - but I would rather pay cash for the second home.
My primary residence will probably appraise for $3mil, so Heloc seems like a good option, but rates seem a bit high. Would a cash out refinance be a better option?
Is there any product that can take into account the amount of equity in my primary home, combined, with my cash accounts, and my annual income to bring the interest rate down?