How to refinance out of private money

[Kyle Novak]

I constantly read about investors all over the country using private money to fund deals, and now that I have found a private money lender I'm curious about how to refinance out of the high interest rate that private money usually comes with. Now I only have one property so far so I know I can just go to a bank and do a traditional refinance, but my question is more specific to when I have used all the mortgages a bank will allow me (10) is the highest I've found. So my question is when I'm buying that 11th property and I use private money to purchase it, how and who do I refinance with to get a lower interest rate with a 30 year ammoritization? Thanks! 

[Jason D.]

Smaller local banks and credit unions will do portfolio lending, which will allow you to go above the 10 mortgages. I would not, however, expect a 30 year amortization or the same interest rates and conventional loans. I am getting 5 year ARMs at 4.75% with 15 year balloon payments, amortized over 25 years using portfolio lending.