5th mortgage cash out refi

[Jay S.]

I already have 4 mortgages and am looking to do a 5th as a cash out refi in California on a SFR I own free and clear. I have adequate reserves but need find a lender. Can you point me in the right direction?

thanks

[Carl Mcknight]

I already have 4 mortgages and am looking to do a 5th as a cash out refi in California on a SFR I own free and clear. I have adequate reserves but need find a lender. Can you point me in the right direction?

Hey John, I'm in California also and have been in your same situation before. Not sure which part of CA in you are in, but try the Educational Employees Credit Union, they have branches all over CA. They will do a cash out refi based on the ARV of the property, not the purchase price. The EECU will let you have up to 2 financed rental properties which they will keep on their books, regardless of how many total loans you already have. You have to own it for 6 mo though.
Another option may be to use a commercial lender. You can place a commercial loan on a free and clear property for up to 75% LTV (depending on the bank), get your cash out and move on, after a few years refi into a portfolio loan.
Hope this helps, I like to see people succeed.