Looking for conventional/market rate loan for four plex in Napa.

[Robert Medina]

Greetings, looking for some suggestions. I'm in between projects and have a property (a four plex) in Napa, CA that doesn't have any leverage against it. Property will likely appraise for about $1.5. I completely rehabbed this property between 2018-2019, since it has been run by a PM and cash flowing positively. Looking to pull some equity fairly soon out of this property to continue another project that I have going on in NC. NOT LOOKING for hard money and the economics simply wouldn't work. Anyone have thoughts on someone that would write a note on this? Thanks in advance, RM

[Robin Simon]

Due to the size and nature of the deal, it doesn't look like something that would fit a conventional box. However, non-QM and especially DSCR loans sounds like would be a fit, would qualify on the cash flow and allow for up to a million cash-out (most lenders). DSCR loan rates are much closer to conventional than hard money, typically floating about 75bp premium, but with much much easier qualification (and interest-only options)