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Updated over 8 years ago on . Most recent reply

User Stats

48
Posts
19
Votes
Shay Reddy
  • Columbus, OH
19
Votes |
48
Posts

Cash out on 7 Properties / Commercial ? CashOutRefi - single p ?

Shay Reddy
  • Columbus, OH
Posted

I have this situation below - 

  • The below chart is from various properties. 
  • All are on 15 or 30-year conventional loan at 4-ish % It's going great everything is cash flowing. 
  • As you can see there is too much equity - based on a 30% down on each property I should be able to cash out a good amount of equity and go buy something and repeat. 
  •  I have more than 4 mortgages (total 7 + Primary + HELOC
  • 1 Bank says that I cannot even Refi any single property and would have to do a commercial loan. 
  • My problem is that the current rates are good , very good cash flow , but I need to cash out equity either one by one or as a whole - so I can buy more. 
  • What do people typically do in these situations? 
  • What questions to ask commercial lenders ? 
  • Any thoughts on slicing and dicing these options ?
Max Cash Out Based on 70% LTV$100,800.00$64,527.40$65,317.00$88,890.20$111,428.80$109,200.00$30,100.00

Most Popular Reply

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1,141
Posts
602
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Stephanie Medellin
  • Mortgage Broker
  • California
602
Votes |
1,141
Posts
Stephanie Medellin
  • Mortgage Broker
  • California
Replied

@Kerry Baird  @Stephanie P.  Fannie Mae just simplified their multiple financed properties guidelines to allow cash out on 5-10 properties.  

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