BRRRR Commercial Lending Post Pandemic - 5 Unit Property

[Freddy Hernandez]

Hello everyone!

I am about to finish the rehab and renting steps of a 5 unit property in Chicago, but the lender I was planning on using is currently putting loan origination on hold due to covid. I am looking around and the rates I did see seemed a bit high (6%+).

I am wondering if there are lenders out there still doing long term, cash-out refis during these times?

Below are some details on the deal.

CURRENT DEAL:- currently rehabbing 5 unit residential building- should be ready to cash out in late July- ARV should be around $650,000 - $700,000- looking to cash out 70%-75% LTV for a long term loan

PERSONAL FINANCES:- 730-750 credit score- 4 current properties (including the one above) + traditional W2 job - 6+ months reserves for all properties (mortgages) in liquid assets- DTI currently at 30% (using 75% of rental income)

Thank you all in advance!