Cash out refinance when I have too many mortgages

[Oren H.]

Hi BPers,

I have recently tried to refinance one of my properties to get some cash out (property increased in value since I bought it a few years back).

Problem is that since I already have 5 mortgages it seems that doing a cash-out is not easy and the best I could find is a 5/1 ARM with 8% interest.

What are the possible ways to get cash out of a property in this situation? All my mortgages are conventional loans.

Thanks!

Oren