Need " Bridge Loan" or long-term (30yr AM) financing for small MF

[S. David Vaillancourt]

I have two questions about 70% LTV refinancing for two small multifamily properties that currently have expiring hard money loans:

(1) Which of the two following asset-based, bridge loan possibilities is most "doable"?

(A) 8% interest only for 6+ months, to establish one year (or more of seasoning) in order to retire the hard money and later obtain a solid long-term, amortizing refi beyond the one year.

(B) 6% 30yr AM, 2 - 5 year balloon to immediately retire the hard money.

(2) Where might be the best place(s) to secure such loans?

Property Information:

Both properties are fully rehabilitated and have 100% occupancy with annual leases in place. Submarket cap rates are between 8% - 9%.:

(1) Property #1 is 2 bldgs with 5 units 

(A) DCR – 1.6 on 8% Intrst only       (B) DCR – 1.78 on 6% 30yrAM

a. NOI =$23,382

b. Value calculated at 9% cap = $259,750

c. 70% of $259,750 = $181,825

(2) Property # 2 is 3 bldgs with 6 units

(A) DCR – 1.6 on 8% Intrst only          (B) DCR – 1.78 on 6% 30yrAM

a. NOI = $19,659

b.Value calculated at 9% cap = $218,500

c.70% of $218,500 = $152,950