Refinance commercial loan on apartment building in small market

[Toben B.]

Looking for banks willing to do cash out on a commercial loan in small market!

I purchased a small fixer upper apartment building  in a small town of 35,000 about 45 min outside a decent sized metro. 

My funding options were not so great as most banks do not like small deals and small towns. However I bought it right and a bank that knew me did the deal. 

Now three years later I fixed it up, the property is 100% occupied and the property has more than tripled in value and I am getting interest from buyers. 

However after taxes and depreciation recapture and paying back my original loan I may be better off with a cash out refinance.

My original loan was small and amortized over 20 years.  Looking for a bank to do a large cash out refi and amortize over 30 years. 

Looking for a bank to do a loan in the $700K range and finances will support this.

Thank you!
 

[Robin Simon]

Agree with the above - what is the unit count? A multifamily "DSCR" loan option sounds like it could be the perfect solution for you instead of a bank, this product will do 30-year amortization (with an interest-only option for 10 years as well) with a pretty straightforward and easily qualification process.