Cash-Out Refinance 3 Family Investment Property Prov, RI

[Jose Escobar]

Hello Biggerpockets Community,

I had a question in regards to Cash-Out Refinance for a 3 family investment property here in Providence Rhode Island. I called a number of mortgage lenders and everyone is telling me that I can't go higher than a 70% LTV for a Cash Out Refinance anywhere. Is this true?

When I purchased the property I put 25% (Required for an investment property) a couple years back and now I want to recoup that down payment to purchase another investment property. Am I looking in the right places or is it just the reality of the market. Thanks again for your time.