Refinancing a multifamily property

[Dustin Awtrey]

I am a general contractor in the process of developing a small multifamily complex, it will be a total of four fourplexes, 16 units total.  The land and all the improvements to the land such as utilities, streets, etc. Will be paid for out of pocket by the time i actually start building, by which that time i will secure construction financing to construct the actual buildings. I guess ill have a note on each building but when all construction is complete, can i refinance and put all four buildings under one note and take out the equity to fund another development? 

[Greg Scott]

Apartments are valued on NOI.

So, it will probably be difficult to refinance once construction is complete.   However, if you do a good job of leasing it up quickly and can demonstrate a few months solid financials, then you should have no problem refinancing.