How easy is it to find Refi an Apartment ?

[Pragya Singh]

Hello Fellow Investors

We own a 32 unit apartment in Arkansas. We bought it for $75K and spent approximately $400K in the rehab.

We are now looking to Refinance it with a commercial lender or bank and are finding it hard to locate lenders who can can lend that amount. Most of the banks we get in touch with say they have a minimum of $1M loan for apartment complexes. Are we doing something wrong here?