I have a rental property in Memphis that I currently owe roughly $60,000 on, that is worth about $135,000. The mortgage broker I have been working with says he can not do a cash out refinance because I currently have 5 properties with mortgages. Can someone suggest a bank or contact in Memphis that is able to work around the 4 property limit?
Thanks @Douglas Skipworth
I will give him a call
My friend Tim Atchley is another good contact who can do up to 10 investor loans.
Mortgage Banker, NMLS #757323
Evolve Bank & Trust
6070 Poplar Ave., Suite #250
Memphis, TN 38119
@Daniel Foster interested in selling it?
I appreciate the offer, but I am trying to build the portfolio and this one is a keeper.
Thanks for the offer though.
You can always rate and term a loan - if you have 10 or less mortgaged properties with conventional financing. You can private finance or portfolio cash out than rate and term with conventional for a 30 year fixed low interest rate.
Daniel Foster The restriction you're referencing (no more cash out refi's for property 5 and up) is a Fannie Mae restriction - any lender you work with who wants to sell the loan on the secondary market will have the same problem.
Unless you want to refi at private mortgage rates (read "higher and much less attractive), it's unlikely you'll find anyone who can help.
This is the time in this business where the heavens conspire to start pushing you to commercial loans. ;)