Commercial CashOut Refi on a 4plex

[Michael Breedlove]

Hey BP Fam,

I'm looking to do a cash out Refi on a 4plex that I own just outside of New Orleans. I'm considering doing a commercial loan and transferring the property into an LLC. I've been quoted 6.25% with 2 points and a 30yr term and up to 75%LTV. My current interest rate is 4.375% and credit score is around 770. Obviously, I know interest rates are going to continue to go up. This will be my first experience doing any type of commercial loan. Just wondering if the interest rate and the 2 points is what I can expect from most lenders. I need to find out what (if any) prepayment penalties there will be. Any thoughts or advice on this would be helpful.

Plan is to pull out some equity and purchase a STR property.