There is no universal equity threshold for every investment-property refinance. The answer changes with the asset, borrower, loan purpose, and current lender requirements.
Value and payoff set the starting point
Estimated value minus the verified payoff suggests gross equity, but it does not account for transaction costs or lender limits.
Purpose changes the analysis
Cash-out transactions may be treated differently from rate-and-term refinances, and recently acquired or renovated assets may face additional value review.
Property risk matters
Unit count, condition, vacancy, rent, location, and property type may influence how much equity a program expects to remain.
Retained equity is also a strategy choice
The maximum available debt is not automatically the right amount. Consider cash flow, reserves, leverage, and holding plans.