Trying to refinance a 4-plex

[Jennifer S.]

Hello! I'm interested in refinancing my four-plex in Los Angeles and using the equity to purchase commercial multifamily. 

When I spoke to a couple of commercial lenders towards the end of 2019, I received the following:

- Lender #1: 6.49% variable interest rate with $480k limit

- Lender #2: 5 year arm – 4.875%. 7 year arm – 5.25 % with $1M limit

I was expecting a lower FIXED interest rate, and a higher limit from the 1st lender. 

Has anyone received better terms for a multifamily (less than 5 units) and buying a commercial multifamily?

Any recommendations on courses that would help to understand commercial loans and the underwriting process would be helpful as well. 

Thank you!