Financing for property in Denver

[John Wanberg]

Ok, so I have a small commercial property under contract for $900k in the Denver metro area. With a conservative rental estimate of $10/ft NNN (there are some unique features, indoor paint booth, tons of yard space), it works out to be a 10% cap rate. I won't get into the details of the deal, because my question is more about the financing.

Right now, however, I am trying to put together the financing, and I am exploring a few options. First, the current owner had a carryback loan with the previous owner, who would be willing to lend me up to $450k at 4.5% on a 30 yr amortization, with a 10 year balloon.  This is a good option to take as a 2nd on the property - although I have yet to get a hard commitment. 

Next, I have a two, 4-plex property (so 8 units total) that I own free and clear, which I think is probably worth about $8-900k.  I can do a loan on this property, get a lower multi-family rate (as opposed to commercial loan) and borrow $500k.  When shopping for the multi family loan, I have checked with two banks:

1. Chase Bank, but in the week since the election, they raised the rates from 4% on a 30yr to 4.5% on a 30 yr, but they are accepting a better NOI on the property by excluding a number of significant capital improvements (i.e. electrical service upgrades).

2. Bank of the West, where the underwriter is ONLY willing to go off of the NOI claimed on my tax return from last year, where I had a significant number of capital improvements, and went through a renovation and tenant upgrade (also raised rents from $750 to $925/month)!

So here is what I am looking for... Does anyone have a suggestion of where to go in the Denver area to get a good multi-family loan, where the underwriters really understand how to fairly value a property, and people are not freaking out about the election? 

Does it seem like a good strategy to take out a loan on the multi-family property to buy this commercial deal, and then do a 2nd with the private lender?