Commercial 80%LTV for cash out refi? I already own w/ seller fin

[Nikki Closser]

Hi! I purchased a 6 unit 7 months ago via seller financing and we already forced the appreciation on it significantly. I'm looking to do a cash out refi (not sure if this is what it technically is since I purchased the building on seller financing), but my credit union will only go up to 75% LTV and we are hoping to get 80%--if this is even possible. My credit union recently did 80% LTV on an 11 unit we purchased, but that was because it was a new purchase.

I searched the forums, but I'm not finding anything recent on commercial loans. Has anyone gotten 80% LTV on a cash out refi in the last year? If we are stuck with 75%, I don't want to keep searching and calling banks. Oh, and this is in Michigan.

Thanks!

[Tory Sheffer]

@Nikki Closser Yea I meant 80% wasn't anywhere that I could find. Went through Old National on this one. Was able to get 77% through Lake Trust (also MBC) in the fall on a 24 unit.