Anyone complete any commercial refinance deals lately?

[Adam Craig]

Anyone complete any commercial refinance deals lately?

I have a 6 unit office building that I purchased in October 2019. It was rehabbed and fully leased by May 2020. Of course by this time Covid was here so my refinance plan hit a wall. 

Purchase price 275 - Rehab 65K - Bringing in 5100/month before building expenses with annual NOI about 45K.

I shopped refinancing on my own and with a commercial broker but didn't have much luck getting it financed above the original purchase price of 275K. I am trying to get closer to 320K so I can pull most of my rehab investment back out. Banks seem VERY cautious of commercial, specifically office space for obvious reasons.

At this point I am thinking of waiting until 2021 because my tax returns will be stronger and the building will have better seasoning.

Interested to hear about what other commercial investors are experiencing?