Cash out refinance (more that 4 financed properties) and portfolio lenders

[Jean G.]

Hello,

I am trying to find a solution to do a cash out refinance on a property in Nevada purchased 2 years ago, recently appraised for $192k and that does not currently have any mortgage on it.

Because I own more than 4 financed properties, I cannot go the conventional route because Fannie/Freddie rules do not allow cash out past 4 financed properties (or so I am told).

Now to my question: I know that I am supposed to talk to small local banks and find one that keeps loans inhouse (portfolio lender) so they do not care about Freddie/Fannie. I have spoken to several local banks, and I always end up with their commercial lending department, and the longest they will fix rates is for 5 years. For example several banks offered a 10 year loan with a rerate at 5 years.

What I would like to know from people that have already done this, is whether it is realistic to find a local portfolio lender that will offer a 30 y loan with a rate fixed for 30 y, or is this only possible thanks to government involvement on conventional loans?
There are still dozens of more banks I could call, but if 30y fixed doesn't exist in the commercial loan space, then I don't want to be wasting my and their time...

Thank you!

Jean

PS: I am aware that B2R is working on a 30y fixed, single property program, but it is not ready yet, and First Key may offer something like this but they do not lend in Nevada. I'd be happy to learn about any other national lenders to talk to.