Multi-Family Cash Purchase then Refinance

[Aaron R.]

I'm looking at using cash to purchase 10 units. After purchasing I would like to refinance. I have done this on residential properties where I wait 6 months then I can get a loan based on the new appraised value not the purchase price.

Will this be the same for multi-family? Is there a similar seasoning requirement for a commercial loan? Will they only loan based on the original purchase price or will they take the new appraised value? I plan on talking to my commercial lenders but would like to get opinions from people on BP who have tried to do this recently!