Trouble with Cashout Refi of Duplex in Los Angeles,CA

[Daniel Kiabp]

Hi All,

I'm a seasoned investor and looking to refinance an investment duplex that I own in Los Angeles and pull cash out. I did this several years ago and had a few options but today it's really hard to find a lender. Two main issues seem to be: 1) it's an investment property 2) seeking cash out. Bank of America was willing to do this loan 2 months ago but recently changed the rules, so back at square one. I believe the rate with them would have been in the mid 3's with a 10- or 30-year term. Have you all experienced the same issues? The banks keep saying that most banks have gotten more strict but it's hard to believe given how low rates have gotten in the past several months. Thank you.