refinancing out of Private / Hard Money (Commercial side)

[Jonathan Jewell]

Hey fellow BP'ers   Looking for advice / direction for those that have used hard/private money when buying rental units.  I usually self fund my own deals, but I'm going after bigger game now.  

I finally found my first multi-unit (7 unit)  YAY!!!  It's a B-C class and a little rough, but with good paying tenants most of which have been there long term with no plans on going anywhere.  

I want to close on this deal quickly,  so I'm going to start making my calls to the money people.  My plan is to do a commercial refi and pay off the hm/private lender once repairs are made and the 1 vacant unit gets a tenant.   My credit is excellent, but I hardly show any income on my returns due to the nature of my existing business.  

How would I qualify once the time comes for me to do so?  Was anyone in the same situation?   I'm ready to pull the trigger, just need to know what to expect in 6 to 12 months.   Any and all help would be most appreciated! :-)

[Ronald Rohde]

1.25 DSCR is standard right now