Options for 6 unit refi?

[Tim J.]

A partner and I own a 6 unit in Barre VT.  Current market value is about 650k.  Balance of current loan with private lender is about $470k.

pro forma (and actual cash flow) runs about $1200 net each month.

Property is owned by an LLC of which we are the two members.

Last week I got a quote from a company for a DSCR loan for 9.25%.

We are happy to do full income verification and personal whatever to get a better rate than that.  

1. What options are there for this type of property for refi (we can do 70% or 75% LTV)?

Is 9.25% the best we can do? 

The partner in question has multiple times the loan amount in his bank accounts/liquid assets.

[Ko Kashiwagi]

Hi Tim,

I've seen rates in the high 7s to high 8's for full doc programs if the property debt covers, high FICO, liquidity and property qualifies. For light doc programs, it 9.25% seems on par. May be a good idea to get another quote in case.

However, most institutional lenders have trouble lending in VT, so I presume options are limited.