Can i cash out refi on two properties and have one loan ?

[Cham Vee]

Good evening,

I am cham. New investor from San Antonio, Tx. I own a duplex and triplex in San Antonio, TX and rehabbing them at the moment . Both properties have separate loans.

My question would be, can i do a cash out refi on both the properties combined and have just one big loan that covers both the properties. If any one has done this before or knew any loan officer that could do it, your inputs are much appreciated.

Thank you

Good luck every one !

[Wayne Brooks]

Originally posted by @Cham Vee:

@Travis Shelburne if i am doing two refinance, it means two closing costs, two of every other fees. So i want to see if it’s good idea to refi both under one loan and pullout equity and have just one closing 

You will not save much in closing costs, most of all the costs will remain the same....2 appraisals, title insurance, insurance and property tax escrows, recording fees, etc. for each property will remain the same.  It would also restrict you with future refinancing or selling each property individually....not worth it.  Simply ask a lender what you Would save, and compare the loan terms.