BRRRR Cash Out Rates Killing Cash Flow and Prepayment penalties

[Keenan Patton]

My goodness have rates been off the hook lately. Working my butt off to refi out of a interest only I have and the rates are crazy. I'm looking at almost 11 percent on a 5 year ARM. WOWSERS! I have the option to roll my interest only loan into a new 30 year fix at a better rate but then I have about 120k in available equity stuck. The 120 out I'm gonna be negative cashflow or really low with such crazy rates. I'm in cali so its not uncommon to have no cashflow the first year or so but still. What other options do people think I should exhaust? I've been looking hard into private money directly to a lender. Basically a massive credit line. Which I think is amazing but havent solidified anything yet. I almost found a loan that would work if I could refi in a couple years but there are prepayment penalties on both of the options. I guess I need to network with more lenders. I'm in cali, so im gonna be coming your way mister david greene.

I'm out of grass valley california if there is anyone local that wants to connect.