The issue is, the two banks that I spoke to last week told me that although their terms are 75% of appraised value for cash-out, they have other "filters" such as "length of relationship with us," "duration of ownership of subject properties" (all properties have been owned for more than one year), and other arbitrary conditions.

For example, one of the properties was appraised around $900K and we currently owe about $375K on it. 75% of 900K is $675K, and so after paying off the first note, we should have approximately $300K cash to pull out. However, the bank states that "they cannot give $300K just because it's available." This seems quite strange to me - if we have the equity in the property and we want to do a cash-out refi, I thought it should be simple to do it based on the 75% LTV that they advertise. Is this not the case?

As an FYI, our credit score is ~ 800 and we have excellent DTI so those things should not really be a concern for the bank.

In the example above, technically I should be able to pull out the $300K cash and do whatever I want with it (i.e. go to Vegas for a really expensive vacation) - meaning, it should be none of the bank's business what I will be using the cash for. Jokes aside, we do plan on using the capital mostly for acquiring additional investment properties at a future date.

There is nothing in our background to bring up any red flags etc. so I find it puzzling that they say it's not as simple as it sounds - pulling 75% of the appraised value minus the outstanding note on the property. The subject property, with its appraised value, is the collateral the bank has - so any potential "risk" for the cash-out refi (loan), is practically non-existent.

So, are there reputable banks that mean what they say (advertise) and abide by the terms they quote/describe in the beginning instead of coming up with seemingly arbitrary "filters" down the road?

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