Cash out refi short term rental

[Sylvester Szmejda]

Hey guys,

I am new to the forum and I am currently a new Short Term Rental investor as well. I have just started my 1st STR and it's going great, even better than I expected. I'm looking to do a cash out refi because I own the house outright, I built a ton of equity in it, and I want to use it to buy several more properties where I can replicate what I'm doing with this current STR. I have about $10k liquidity at the moment and no income to show on paper other than the STR income which is already sitting at about $40k between July-August but I just started it about a month ago so I don't have a track record of at least 6 months to show.

I found a lender named lendsimpli that will do a cash out refi at 65% and 5.25% fixed 30 years without a track record and income verification.

Has anyone worked with this lender before? Do you think these terms are fair? 

I'm considering this over waiting 6 or 12 month because I want to have another STR ready for next summer and also purchasing at least a duplex so I can house hack it while I am building my STR portfolio.

Any suggestions are greatly appreciated! Thank you!