Help me to understand local bank refi for SFH

[David J.]

I am trying to plan out my first BRRRR

Suppose I have a property rehabbed and rented that is VALUED at $70K

Now it's time to refinance and pull some money out to fund the next property.

I have 7 Fannie/Freddie conventional loans already, so I can't get another one. (don't want it either)

What can I expect from a local bank? 

• What rates?
• What LTV?
• What term? 15 Years?
• ARM or FIXED?
• Will they want reserve funds for the other loans I have
• IS there limit on the number of loans they will offer?
• Should I HELOC this subject SFH instead? What rates will I get for that?

Any information or advice will help. 

Thank you :)

[David J.]

Originally posted by @Kerry Baird:

One can get up to ten conventional mortgages, not seven. All other answers will vary by lender.

 I know one is allowed to get 10, I am not even asking about that though. I have 7 already and can't get another one because of massive reserve fund limitations etc. 

What I am asking about are portfolio loans from private banks. The kind of loan that will allow cash out refi to infinity. Allowing me to get 50 plus SFH doors.

Hopefully I can find a lender that will do this in OKC and not require reserve funds for all prior properties.