5 mortgages...Need to refinance property #6 with cash out option. How?

Financing, Hard Money Lenders, Private Money
1

Hello Everyone,

We have totally 5 mortgages:

  • prime residence
  • 4-plex (fully occupied with nice cash flow)
  • duplex (fully occupied with nice cash flow)
  • townhouse (occupied, cash flowing)
  • HELOC on primary residence

I also have investment property I bough for cash (HELOC)

  • 4-plex (fully occupied)
    I need to refinance this 4-plex and pay back HELOC or use money to buy more properties.

About us - both working on W-2 with combine income 200K+, high credit score, etc.

Do you know who might be able to help? I already checked on all banks (BofA, WF, Chase, etc), they all have rule of 4 mortgages…

P.S. I m not looking for hard money lenders, I need 30 year fixed conventional.

Thank you in advance,
Nina

2

Hi,

What state are you in and are all your properties in your state?


         GR
3

I live in CA. The property I need to refinance is in CA as well (Sacramento). Other properties are in CA, TX and ID.

4

the HELOC shouldn’t count as a mortgage itself, so this is your 5th mortgage, you will need to go to a mortgage broker that deals with investors. In mortgages 5-10 you will have to show reserves of 6 months PITI for all rental properties, mid score 720,

Many lenders don’t do the 5-10 properties, I think just because they are a lot of trouble because your dealing with rental properties, tax returns, etc, and they don’t make any more than on a ‘standard’ 1-4 mortgage

5

Im still looking for refinancing my Sacramento 4-plex with cash out option. So far I had no luck but I heard a rumor that lending process is starting to get better and better… I had a lender who was willing to refinance but ONLY if I bought property in last 6 month. I bought mine in 2010 and he said “no”. Any advise?

6

I don’t understand someone that won’t do it unless you bought it in the last 6 months, normally its the other way around, you have to hold the property for a certain period of time before they will let you finance based on appraisal and not what you paid for it