Newsflash: Cash-out Refi to purchase 8 units, FL

I’m cashing equity out of 3 of my properties so I can use the money to purchase a set of 4 duplexes. I got this quote yesterday from a lender. Does this seem decent for a portfolio loan? They can’t seem to also include the purchase of the 8 unit in the mortgage as well, which would be preferable.Owe: 163kNew mortgage : 294k7.15% 7 yr ARM,5 year prepayment penaltyclosing costs 19kprepaid/reserves 9k.The closing costs sounded really high to me. Is this standard? They told me this loan program is ending today so I wouldn’t be able to get it after today. I’m planning on continuing to shop rates more, but I wanted to see what people thought.

Read more at https://www.reddit.com/r/RealEstate/comments/5wpain/cashout_refi_to_purchase_8_units_fl/?utm_source=ifttt

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