Cash Out Refinance / Portfolio Lenders Tampa Bay Area

[Felix Rojas]

Hi BP,

I have just closed on my 5th buy and hold deal :). The property was purchased and renovated for cash using funds from a HELOC. The strategy is to do a cash out refinance to pay down the HELOC and hold a mortgage on the new property. This will be my 5th financed property, and I am having difficulties trying to refinance.

My loan officer has informed me that due to new guidelines, on a fifth mortgage, I can only do a cash out refinance with 70% LTV on the Purchase Price, NOT the appraised value. With these terms, the cash from the refinance would not be sufficient to pay my HELOC.

I was told that a portfolio lender may be able to loan me with different guidelines.  Any other ideas or suggestions?  Any recommendations for Portfolio lenders St Petersburg/Tampa Bay area?

Thanks!

Felix