Cash Out Refinance on 5th property - Memphis Area

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Cash Out Refinance on 5th property - Memphis Area

Daniel Foster
Investor · Memphis, TN · Member since 2013 · 79 posts · 18 votes

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!

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Douglas SkipworthBusiness Member
Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
10y

Hi, @Daniel Foster.

You need to contact my friend Steve Bighaus.  He can definitely help you.

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  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    Hi, @Daniel Foster.

    You need to contact my friend Steve Bighaus.  He can definitely help you.

    Investor's Guide to Memphis Real Estate
    View Page
    1Reply
  • Daniel Foster
    OP
    Investor · Memphis, TN · Member since 2013 · 79 posts · 18 votes
    10y

    Thanks @Douglas Skipworth

    I will give him a call

    0Reply
  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    @Daniel Foster,

    My friend Tim Atchley is another good contact who can do up to 10 investor loans.

    Tim Atchley

    Mortgage Banker, NMLS #757323

    Evolve Bank & Trust

    6070 Poplar Ave., Suite #250

    Memphis, TN 38119

    Investor's Guide to Memphis Real Estate
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    0Reply
  • Alex CraigBusiness Member
    Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
    10y

    @Daniel Foster  interested in selling it?

    901-848-9028
    1Reply
  • Daniel Foster
    OP
    Investor · Memphis, TN · Member since 2013 · 79 posts · 18 votes
    10y

    @Alex Craig

    I appreciate the offer, but I am trying to build the portfolio and this one is a keeper.

    Thanks for the offer though.

    0Reply
  • Jerry PadillaBusiness Member
    Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    10y

    @Daniel Foster

    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.

    [email protected]585-204-6923
    PrimeLending 4.8583 Reviews
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  • Justin R.
    Developer · San Diego, CA · Member since 2015 · 1k+ posts · 1k+ votes
    10y
    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. ;)
    0Reply
  • Daniel Foster
    OP
    Investor · Memphis, TN · Member since 2013 · 79 posts · 18 votes
    10y

    Thanks @Jerry Padilla I just found out about this option from a lender I reached out.  Thanks for the heads up.

    Thanks @Justin R.  It looks like my options are a little more limited than I had hoped.

    0Reply
  • Adam Summerer
    Lender · Franklin, TN · Member since 2026 · 23 posts · 2 votes
    6h

    That 5th-property cash-out wall is a Fannie secondary-market rule most retail shops inherit — shopping three more "banks" usually gets the same no. Workarounds people actually use: rate-and-term first if you only need better terms, a portfolio/credit-union cash-out that holds the note, or a rent-based (DSCR) cash-out that underwrites the property's rents instead of your personal property count. Price prepay and LTV on the DSCR quote before you assume it's the expensive path.

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