How does cash out refi work in larger commercial?

[Jacob Marble]

I'm looking at a 12 unit property in St Louis, with solid cash flow. Rents are top of market, and the seller has rehabbed all units, so there's not a lot of upside for the buyer. The advertised cap rate, and my estimate after looking at the provided numbers, is that this property looks like a BRRRR at cash out refi time. So what do I do with this opportunity if my goal is to BRRRR? I called a St Louis bank and asked about commercial loans. this particular bank has exactly one: 5/20 with 25% down at 4.5% (he did not say 75% LTV and he wasn't interested in a conversation). I have cash for the down payment, and I would enjoy the easy cash flow, but what should I expect for refi-ability if the appraisal value and rents don't change over the next 6 or 12 months? Thanks!

[Michael Le]

If rents are at the top of the market and there is not any value-add to increase the appraisal, what sort of change do you expect over the next 6 to 12 months?