Basics of commercial real estate refinance

[Grant Hwang]

I never refinanced a commercial real estate loan. Anything I should know before I start shopping? Or is it pretty straight forward.

Details:
10,000sqft office building
1/2 occupied
this property does not have positive cash flow but I have positive cashflow overall
value is 1.5mil
current balance is 400k
current interest rate is about 6%

I want to refinance the 400k and maybe do about 200k cash out, so still good LTV. 200k is for down payment on another property. hopefully also lower the rate.