Refinancing 28 unit mixed use after 6 months

[Joe Gieringer]

First time, long time. I count myself as a Biggerpockets success story. We started flipping 7 years ago using BP math/ forums and now have over 30 units and 8 flips completed. Next stop FI!

Having an issue though with my refinance attempt with 1M property and looking for some opinions. Purchased 6 months ago for 1M dollars @ a 9 cap in a small Ohio town. Have increased rental income 16k through tenant turnover, renegotiating commercial units (Mixed use building) leases and rent increases to our below market units. I am ready to get cash out to use for another acquisition but my local bank is not seeing the increase in value due to rental increases? Have I missed something? Their stance is at best building may be worth 60k more making it not worth the refi effort? 

Thinking maybe we should shop loan but don’t want to incur appraisal costs if I have gotten ahead of myself on brrrring. Concidering Fannie/Freddie?

Thanks!

Joe

[Joe Gieringer]

5/1 20 year amortorization @ 5.25. Since local bank is using same appraiser as before I’m afraid they won’t conceed higher value over previous appraisal. Downside of local rural banks is I’ve had to explain cap rate on more than one occasion to loan department 😳