Borrowing Against Rental Properties in Ohio

[Alexander Sheridan]

Hi All!

I'm in central Ohio. Looking for a little advice on the best way to pull around $200-300k of equity out of my rentals to purchase an 18 to 30 unit complex with a partner. I got into rentals about 7 years ago and have done well with the 9 residential units I currently own them. My DTI doesn't show well on paper because I'm self employed and have been spending the last 2 years of time and money leading development of 8 commercial properties in my downtown in a partnership LLC.

The local bank I typically deal with was willing to re-fi my properties which would save me about $700/mo, but wasn't interested in offering a cash out along with that. If I take their re-fi deal, I should be able to use 3 properties as collateral against that, and own 4 properties free and clear.

Any suggestions of where to look for something like this? Do portfolio lenders have appetites for this, or should I explore the world of hard money lenders, or somewhere else?

Thanks!

[Alexander Sheridan]

Thanks for the thoughts! Are these available through traditional banks, or are there specific lenders that offer this product?