Commercial loan advise on timing for refi and cost for appraisal

[Mark Sheppard]

I have 6 houses in Fredericksburg, TX that we built from the ground up using a construction loan, that just recently rolled over into a 25 year at 4.5% principal and interest until the maturity date of April, 2027 where it will be a balloon payment.

Due to the rising interest rates, I wanted to see when is the soonest I could re-fi out of the current loan with a cash option to lock in a 25-30 year rate and pull out some cash that was used for the build. Also, wanted to know what an appraisal fee might be for a commercial loan that has 6 STR's on the propery.