I was hoping to get a little advice on cashing out the equity in some of my properties. I own several that are paid off and have steady tenants in them for many years. I was hoping to group the properties together and get the equity out of them for another business adventure. When I talk to the lender, what exactly should I say or ask? this is the first time that I will be taking equity out of my properties. Thanks in advance
@Kenneth Mims you would be looking for a blanket loan, however if you don't need the additional mortgage slots it may be better to refinance them each individually, but it will depend on many factors including the lender.
Hey @Kenneth Mims ,
It sounds like you are looking for is a portfolio cash-out refi loan. Then beyond that, there is a list of questions that you could ask the lender, but that is dependent on what you are looking for (i.e. higher leverage). You should also know that rates and terms are not as lenders advertise. In other words, rates and terms vary based on the deal, your experience, and couple of other specs depending on the lender.
Hope this helps!
A cash-out refinance seems to be your best shot.