Cash out REFI options (several properties)?

[David Lee]

Good afternoon,

I've been an active RE investor for several years now and currently own 7 single family detached rentals. Each property is mortgaged and has a fair amount of equity at this point. I'm looking to cash out refi, but lenders are taking issue with my personal income. All of my rentals have been cash flow positive since we took ownership and my vacancy rates are sub 10%. I can show upwards of 5 years history on almost all rentals. Finally, I have 6+ mo cash reserves for all rentals. In the past, I've not had any issue getting investment loans and found it somewhat odd they are looking so closely at my personal income, but I've heard lenders are being more conservative lately.

Does anyone have any recommendations for how I can go about finding a lender that will work with me based on the equity and cash reserves I have? Note, I'm not looking for lender recommendations at this point as it appears that would be against the rules. Of course, I could sell the rentals to pull the equity out, but would prefer to refi.

[Edward B.]

@David Lee, I used Lima One Capital recently to do just that. They didn't even pull my credit I don't think. Did a cash out refi on four different properties in NC and put them all under one loan. It is not inexpensive, but I thought the rate and terms were fair.