Cash out refinance in Philadelphia

2 Replies

I have four properties in Philadelphia. Three of which I would like to cash out refinance at the same time and secure a low rate. Larger banks say they won't cash out refinance investment properties and no luck yet with the smaller ones. I had a broker I used for my primary but he says he's too swamped to assist on these because the values aren't high enough.

Does anyone have a broker or lender they can recommend that may be able to assist?

I'm trying to figure out the best course of action to access the equity to invest some more.

The 4th property is free and clear which I thought about financing but I'd still be dealing with the higher rates on the other three (5.125-5.375%).

Any insight anyone can provide would be greatly appreciated, thanks!

@Chris R. Gallo , it's been a minute since I've been on here but I went with a local bank (Republic Bank) and ended up refinancing 3/4 properties for 3.125%. Now I'm sitting on the cash ready to make a move on a MFH, still hunting. 

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