Evaluating portfolio loan with 3 year call

[Mark W.]

I've got a few options on the table I'm evaluating for pulling out cash via refi. One option offered to me is a portfolio loan where I can roll multiple properties into a single loan. It's a 25 year amortization, 3 year call, 4.75%. 80% LTV. As I understand it, a 3 year call means the bank adjusts the rate every 3 years (up, not down I presume.)

I'm not crazy about the rate changing, but I dig the terms. My other option is to refi each property into their own mortgage with a fixed 4.5% rate, 75% LTV.

What are your thoughts on the 3 year call portfolio loan?  OK for holds?  I'll be taking the cash out and pumping it back into additional rentals.