Portfolio Loan based only off the income of the properties?

[Mike Abramowitz]

I'm curious if anyone has had success in refinancing 4+ seperate properties based off the income they produce rather than going and getting appraisals on each property. Currently we're operating at about an 11-12 CAP and I think the market in the area is typically around an 8-9 CAP. We've recently purchased two properties that are rehabs and upon renting them out will need to refi them so looking ahead, I'd love to get everything under one loan and refi out as much as I can.

[Upen Patel]

@Mike Abramowitz For residential properties (1-4 unit) there is no way around getting a full appraisal and basing the loan on the appraised value.