Updated almost 7 years ago on .
Use cash out refy to expand portfolio
Objective: Have 2 rentals that are currently equity rich (owe <50% LTV). Looking to expand portfolio using cash out refy for 25% down payment on investment property (2 story duplex).
Questions: 1) Will most lenders be ok with this type of financing? 2) Any benefit to using same lender for a combo cash out refy on existing investment prop ARM (owe 70K, market value 210K) with a new 15 yr conventional investment prop loan as a single transaction? The cash out refy would also be reducing loan term from 17 to 15 yrs. Thanks in advance for any suggestions or feedback!