Refinancing Portfolio Loan to fixed 30yr Help Please!

[Mike Cox]

All,

  I really need some help or advice with this one.  I have 7 properties that are financed with commercial loans.  They are all the same 1200 sq foot townhouses.

I have 2 years left at 5% and then they can vary.  20 yr loan amortization.  I would love to get these on a 30 yr fixed and get some cash out.

They are worth at least 80K each and I owe around 45K on each of them.

I got a quote of 30 yr at 5.6% with one point. 7 different loans up to 75% LTV.

I will have to pay penalties if I refi these 2 percent on 4 of them and 3 percent on 3 of them.

These average about 750 a month in rent.

I would like to pay off my solo 401K loan with the cash out it is like 30K.  The payments on that are high like $2550 a quarter.

This will help my cash flow a lot and I wont have to worry about rising rates but oh my gosh the closing costs and penalties......

Should I do it?  

Look for a better deal?

Need help on this one!