Help! Got Told No on a Cash Out Refi - Have 7 Financed Properties

[Aaron Smith]

Ok, I am in the process of doing a cash out refinance on another investment property.  I currently have 7 properties financed (my primary home, 3 homes with traditional loans, and then a portfolio loan that has 3 properties on it).  

My file just came back from underwriting as denied due to the fact that I have 7 properties financed. I always thought you could finance up to 10 with Fannie/Freddie, but apparently they said I couldn't have more than 6 properties financed if I want to do a cash out refi. I am completely befuddled. I have owned the property for 8 months, so was already set to do an appraisal and get the 75% LTV like I have done several times before.

Does anyone know a conventional (not commercial) lender than can do a cash out refi on a property that has seasoned 6+ months in NC even though I already have 7 properties financed?  I really don't want to do another commercial loan right now since I want to lock up another 30-year fixed rate with great rates before the market keeps increasing.  Please help, thanks!