Refinance Option

[Ron Steele]

Hello

I'm trying to figure out the best way to structure this deal. I have a multi family property that has been appraised for $325,000 [income approach is 325,000 non income approach of 275.000 for whatever its worth]

Current loan of 200.000. I'm looking to cash out refi and purchase another property for about 300k [60-75k down depending on lender]. I know banks sometimes dont like to do cash out refi. I was wondering if I should go to a new lender and see if I can cash out refi then use the proceeds as a downpayment. The current lender I have says they will finance another apartment of simialar deal size.

My other thought was to go to my original lender and see if we can use the appraisal that they ordered and refi the loan, then with them, then use that equity as credit toward the down payment. I was thinking that would kill two birds with one stone. The problem is I dont know what objections the bank would have since they are getting both the loans. They did something similar with other properties I owned free and clear, as a credit to the down payment and brought in the difference.

The appraisal was done this summer so its been less than a year. The other banks I'm looking at cashing out refi with have no seasoning requirement.

Which option should I choose?

Thanks