Multi-Family Refi

[Kamar G.]

Hi all,

I was looking to refi my current multi-family (3 units) a few weeks back only to find out there waa a limit restriction on how much I can actually take out? I beleive it was 650k cap? 

My first property just about 10 min from Barclays Center, and figured it was time to buy another property using the cash. I was told if it were a 2 family, I would have been able to pull out much more. My appraisal came in just under a million, but yet not much I can take out based on what I paid and what is owed due to the restriction. Seems like the only way to cash in on what I paid for the house will be to sell? 

Any advice would be helpful, thank you.

[Rob Beland]

How long have you owned it? You should speak with a local bank that has a commercial lending dept. You will have to have owned for at least 6 months for a cash out refi. I wouldnt expect to take out much more than 65% maybe 75% Tops @Kamar G.