Second Mortgage on Investment Properties
I currently have 4% loans on 9 of my residential rental properties with LTVs around 30-35% and would like to cash out some of my equity in order to make other investments. My mortgage broker recommends cash-out refis which would provide me the liquidity but then substantially increase the interest on my current debt as well as the cash out. Has anyone had any luck obtaining second mortgages on rental properties, which would then allow me to leave the 1st mortgages in place at the lower rates? If so, any lender recommendations?