Refing a property while seeking a loan on a different property

[Eswar Reddy]

I am currently under contract for buying a commercial investment property and I'm already approved for a loan by the lender. The closing is set for the end of December.

I own a different residential investment property which was fully paid off an year ago. With the interest rates being so low right now and the possibility of the rates going up next year, I want to refinance this property before the end of the year. I reached out to a refi lender and I was asked to wait until I close on the commercial property. They mentioned that refinancing the residential property before closing on the commercial property could jeopardize the financing for the commercial property.

Is this true? Is there something I can do to refi the residential property before closing on the commercial property without putting the commercial financing at risk?