Having hard time finding good info for refinancing?

[Brian H.]

Hey folks! Hope all of you are well.

So I bought an 11-unit package just 2 years ago. 1 quadplex, 3 duplexes, 1 small block house. All next to each other on two plots.

I finance with a commercial loan at 5.75%.  Spoke with the rep at the bank I had worked with originally about refinancing now that rates have dropped so much. He claimed the best they can do is around 5.25% and said he would be amazed to see others offering less on a refinance for a loan of this type. Does that sound correct?

The value as a whole is around $210,000. I took out a $150,000 loan and have $129,000 left to pay. He said the amount of equity I have at this point doesn't really make a cash-out refi seem worth it. Or are they just trying to keep me from refinancing? I can't seem to find anything helpful on Google for who else I can talk to about refinancing this and geting rate quotes.

Thanks for any advice/leads!