Refinancing options for small portfolio

[Brian Goff]

I own a small portfolio of rentals that I purchased in late 2018 putting 20% down and using 5yr balloon commercial loans with a local credit union. I have a rate of 5.5% on 4 and 5% on the other 3. These are ‘C’ grade properties that have lower balances on the loans. I’m looking for ideas on if I should refinance and if so, is an umbrella single-loan product even an option. I spoke to the CU but even doing a note mods, I thought the earn back on the monthly savings was kinda long. That option would have used the original valuations and not allowed for any cash out. Ideally, I could obtain a single loan for the bundle and withdraw enough extra cash given appreciation to offset the refi and possibly use as next down payment. TIA