Refinancing Multfamily Building (5+ units) with 30 year mortgage

[Sean Morrisey]

So, my big goal for the first quarter of 2020 is to refinance my 16 unit apartment building. Initially, I was told this would appraise out for nearly double what I paid for it two years back.  Now...I'm told Freddie Mac Small Balance (FMSB) Loan guidelines have tightened.

FMSB is firm on the $1M+ loan amount (no problem there). However, if you fall into $1M-$1.2M loan amount (which I will) they can still deny based upon loan size or simply give you the underwrite from hell. Not to mention, the Chicagoland market went from an 80% LTV to 75% LTV with FMSB which makes no sense to me.

Has anyone else experienced this in the past 6-12 months? Any resources that you recommend I look into for alternative refinancing?