Cash Out Refinance after 4 mortgages, what are my options?

[Jarred Sleeth]

Hey BP,

I recently made some major upgrades to a property of mine and wanted to do a cash out refinance on the property. It's in a conventional 30 year at 5.5% with about 53k on the clock. I figured I could cash out about 15k on this property and move it into a new deal, as well as lowering that 5.5% rate.  Now, after some research I learn that after 4 mortgages you cannot do a cash out refi with a 30 year am, and I would need to come up with a different plan. Are ARMs my only option here?  I suppose I could get a portfolio or commercial loan on it but this might kill my cash flow with a shorter term and higher rate.

Has anyone been in this position before? What did you do?

Thanks for the advice!

Jarred