Doing a cash-out refinance

[David Ackerman]

Hi all,

I currently own 4 rental properties. The 1st 3 all have mortgages. The fourth I bought about 8 months for cash. Since rates have gotten so low I want to do a cash-out refinance for the fourth. My lending bank is saying that won't allow me to do that because then I will have 5 mortgage properties (they are including my own home as 1 of the mortgaged properties)

Has anyone else heard of this? Does anyone know of a large bank that they think might let me do a cash-out refinance for a fifth mortgaged property?

Thnx,

Dave