Cashout refinance on my two rentals in Florida

[Manson C.]

I currently own 8 rentals and I want to do cashout refi on the two of them in Florida. My lender told me that I can no longer do cashout refi via conventional loan if I own more than 4 rentals.

What are my options? Can I do cashout refi using a non-conventional loan / portfolio lender from a regional bank? What does the rate / term look like? Thanks.

[Upen Patel]

Originally posted by @Marelyn Valdes:

@Upen Patel What if you don't currently have financing on rentals, just the primary residence?  It wouldn't be a cash-out refi (paid cash for all the rental houses), it would just be original cash-out to pull out part of the equity to use on more rental properties.

If you buy with cash and do a refi within 6 months then it can be done as a Delayed Financing. After 6 months its a Cash-out Refi.