Second mortgage rental properties

[Travis C.]

Anybody been doing or seeing any second mortgages for rental properties in TX to pull cash out but to maintain the original note structure? About 10 of my properties are in 4.5% 30 yr notes with a ton of equity to pull out but not really trying to get into a 8-10% new single overarching note as it just isn't making sense. Just wondering what types of creative second mortgage operations anyone may be familiar with out here for investors in Texas currently. Thanks

[Chris Seveney]

@Travis C.

2nds on investment property loans we have seen go up to 65-70% of combined loan to value and rates are 10-12%. Above that cltv and it’s 15%+

Second position liens are tough to come by and those doing them are expensive