Portfolio Loan on SFR

[Micheal Briscoe]

I have a 7 house portfolio I purchased at a 12.5 cap. Severely under rented.  Used commercial lending, but late in the game they bumped me from a 20yr to a 15yr term.  Performed commercial mortgage appraisals on all 7 individually and appraisals came back ~20k (total) over collective purchase price.  Single portfolio mortgage in place, 5% @ 15am, 5yr balloon. 

Cashflow is still good, but as we lease up and stabilize we’re doing better than I expected. We’re looking at stabilizing around a 20 cap based on original purchase price.  Trying to explore lenders/lending options that would allow me to cash out /refi the portfolio based on performance numbers with the possibility of a longer term. Even a 20yr would have more appeal. No early payoff penalties with my current lender.