I have a B & B in iowa......need to access a home equity line loan to complete improvements.......what is my best option to obtain a loan?

A loan modification and cash out re-finance are two different scenarios. A B&B is a commercial venture so you probably do not have a residential mortgage on the property. If your goal is getting cash from the equity your first option is a cash out commercial re-finance which can be done through your local bank or whomever holds the first on the property. That same bank may also be willing to do a second on the property if you can demonstrate good income from the B&B and you have some equity available. They are your first choice because you already have a relationship and they may be able to skip a lot of the paperwork requirements.A loan modification is usually done when there is a hardship and a payment reduction is needed to prevent foreclosure. Mods are being done now on commercial loans for owners in need. You can't get cash out by modifying the loan. If you need help with a commercial re-finance please contact me any time. lharvey@advisorsmortgage.com.