cash out refi on single family rental property

[Joe W Hanley]

hello I'm new to this site. 

Does anybody have experience with accessing equity from rental property? I'm looking for cash out refi on 2 single family long term rentals in Aurora, CO. These properties are free and clear. I wont qualify with a typical lender due to low income. I'm looking at (finance of america llc) and (angel oak). They both have a product based on cash flow and LTV and credit score with no personal income requirements. Finance of america quotes 70%LTV at 6.7% but are gouging on everything else with $900 appraisal $220 background check which is a credit check most likely. Heavy tittle policy ( waiting to hear back on how much) and $1600 in other junk fees plus 1% origination which is the only one that seems reasonable. They want me to pay $1800 upfront non-refundable for the 2 appraisals with the applications. They claim if actual cost of appraisals are lower they will settle up at closing. I am aware the appraisal should be around $350 ish in this market. Anybody use these guys or angel oak or know of any other options? Any advice?

Thanks, Joe