Cash out refinance available on a rental property?
I have a rental property that I would like to refinance and cash out for a downpayment on a second property. I have been told by a lender that a cash out refinance is not allowed on what is now considered an investment property (this is a huge blow, as this was my primary residence until 4 months ago). I live in Virginia and am wondering if this is just a rule in certain states? The property has enough equity to refinance as a primary home. I owe $103k on a $113k loan, with an estimated resale value of $170k. Any suggestions on how to leverage this property to continue my investing?