Cash Out Loan/HELOC

[Simon Koithara]

Trying to get cash out from investment properties (no loans so far for these houses). I already have 4 mortgages and lenders I contacted will not do a  cash out loan since i already have 4 mortgages.  How can I get cash out from the the properties which I do not have any loan?

Simon

[Kyle J.]

Welcome to BP @Simon Koithara 

Keep calling around until you find another lender that will do it.  A lot of banks have their own overlays (rules) on the limit of mortgages that they will allow a person to have.  Four is pretty common.  I've even had a bank tell me they won't do more than one.  I also actually had a bank (Wells Fargo) tell me last week that their rules state you can only own four properties total (regardless of whether or not you have a mortgage on them or own them free and clear).  That is just crazy to me.  But there are banks (portfolio lenders) out there that will do up to ten.  You just have to keep calling until you find one in your area.