Refinance with private money?

[Kenneth LaVoie]

We are investors with about 10 years experience. We have a portfolio of 6 buildings, 30 units, down from our original 52. We have very little debt (if you include the loan + heloc on our personal residence, we're about an 8% LTV!

I recently exhausted myself looking for ways to refinance "one last time" to grab the low rates that are out there but no luck finnding anything better than what we already have (more or less).

Our current loans have 7, 11 and 11 years left respectively after which point our income will of course jump 25K per year. We are in our early fifties, semi retired and thought we'd trade a longer term for more cash flow now.

Am I crazy to think that I could find a private lender that would do a cash out refi at 4% for 30-40 years, in exchange for us pledging a ton of collateral? For example, 500K pledged for a 250K loan? 

Here is a list of all our properties, approximate values and mortgage balances, if any.

Address                                                         Mortgage Balance      Value

28 Halifax St Winslow (7 unit rental property) $99,000                    $230,000 (appraisal 2017)

(Commercial 5 year ARM, currently 4.6% w/next reset 2021, matures 2031. Appraised at 230K in 2017, have copy of appraisal)

Personal Residence:                                      $147,000                    $230,000

(95,000 15 year mortgage 3.25%, matures April 2027 / 60,000 HELOC, Bangor Savings, 4.375% / 3 year funding / 10 year payoff, matures 2031)

Following buildings are owned “free and clear” with assessed or estimated value after

169 Silver St. $325,000

17 Boutelle Ave $395,000

60 Pleasant St. $200,000

28 Pleasant St.  $150,000

29 Abbott St. $100,000

TOTAL VALUE OF RE OWNED: $1,725,000 (inc. 230K personal residence)

TOTAL CURRENT/PROPOSED MORTGAGES: $246,000

We are well capitalized, and our credit is also solid, with FICO scores in the high 700s. We have a Personal Financial statement available as well as last two year’s tax returns.