> Someone with four leased properties and being savvy enough in the property market to buy and rehab a fifth should know better than to approach a FNMA-backed lender for a 70/30 cash-out refi. Even FHA, previously one of the less-stringent guarantee agencies, only allows four properties under the same ownership.

You must have missed the third sentence: "I own four properties free and clear." He doesn't have a bunch of loans already (which is risky if the market falls apart, see 2008). He has a bunch of assets.