Cash-out refinances

[David Ackerman]

Hi all,

I own 4 mortgaged properties and 3 properties for cash. I am interested in doing a cash-out refinance for 1 or 2 of the properties I own for cash. Unfortunately, I am having a terribly difficult time finding a lender who will do a cash-out refinance. I keep hearing that a cash-out refinance on an investment property is the riskiest type of loan for the bank. So, even lenders that allow 10 mortgaged properties through normal financing (meaning financing at time of purchase) arent allowed to do a cash-out refinance if one already has 4 mortgaged properties.

Does anyone have any suggestions on ways to try to get these properties financed? Someone suggested I get a commercial loan on 2 of the properties and then do a normal refinance after 6 months. Has anyone ever done that?

Thnx,

Dave