Insurance Requirement on Portfolio for Cash-out Refi

[Bon Osonwanne]

Hi All,

I am trying to get a cash-out refinance on a single property I bought with cash. However the lender is requiring insurance on my entire portfolio (of 8) - some of which I cannot find anyone to insure, e.g. Mobile AL (which is in coastal waters). Do all lenders require you to get insurance showing there is no mortgage, on your entire portfolio, before they can do a cash-out refinance on a single property in the portfolio?

Thanks,

Bon