rental cash out in TX

I am trying to get either refinancing or equity loan out of one of my rentals. Market value at 125K. With the loan balance of 65K. Credit score of 720+. My bank would not refinance me because I have 13 mortgage loans outstanding. What are my options? Can I get cash out on rentals in Texas? I am also paying 8.5% on my existing loan right now. What I really hoping to do is refinancing to 80% LTV and cash out rest of equity, and hopefully with lower interest rate. Can someone help me in Texas, if this can be done?

Thanks in advance for qucik reply

With the limited info that you provided at this point a cash out refinance in TX is possible.

Things that may come up that a mortgage consultant should be able to handle with no problem.

  1. Seasoning of new value
  2. No limit on # of properties owned
  3. Income documentation
  4. Cash out in TX

When would you like to close?

The existing loan had a two years prepayment penalty. Which will end in June. I would like to refinance ASAP. It’s possible to refinance into LLC instead of my personal loan. I had not set up my LLC yet. But if I can possible refinance into my newly formed LLC, I would rather do that. I do not want to have escrow acct, if that is possible.
I wonder since I am full time RE investor now, and my husband has stable full time job. Would it be better we both be on the mortgage?
The existing loan is only under my name. This is single family home, and I get approx 3k positive cash flow each month, with all my 12 properties. They all single family home. I am planning to keep all my rentals as long-term investment.

And thanks for your help

Outside of your local banking community, there are only a couple residential lenders that mortgage brokers use that will allow a LLC. The loan will not be in the LLC’s name but it is possible that the vesting (title) can be held by the LLC. There are several requirements that need to be met for titling it that way.

As far as using your name or your husband, it would be best if the income sources were discussed in detail for info on length and stability. It shouldn’t be an issue. No escrow should be an option for you as well. If you’d like a 30 year mortgage that may also be done with the first 10 years being interest only.

what is going rate for cash out rental unit with 700+ credit score. with full doc or no doc loan? 80% LTV.

PM me if you like.