Commercial Mortgage - Cashout Refinance on a Multi Family

[Craig Lessler]

I am considering doing a cashout refinance on a property (a bundle of more than 10 condominiums in a complex) I own in North Phoenix, AZ and use those funds to buy another multi unit property for cash.

My criteria for the financing are:

1. $1.1M to $1.2M cash out refinance loan.

2. 70% or 75% LTV.

3. 30 Year Amortization.

4. Fixed Interest Rate for 10 Years.

5. Loan Term of 20, 25 or 30 years.

6. DSCR is 1.50x to 1.80x

7. 100% occupancy.

8. Very competitive interest rate.

9. No Points.

10. No Prepayment Penalty.

11. Low loan closing costs.

12. Possible Interest only for 2 or 3 years.

13. Non-Recourse, subject to standard bad actor carve outs preferred.

14. Rate Lock availability.

15. Prefer to get financing from a local bank for best terms.

16. Excellent credit score.

17. Property is professionally managed.

18. Property has been owned slightly over 1 year.

Questions:

1. Which lenders can lend with the above criteria and the terms for the financing?

2. How difficult is it to get loan approval?  What does the lender look at to approve the loan?

3. How long does it take to get a pre-approval?

4. Would it make more sense to take out separate loans on each condominium unit instead of taking out 1 commercial loan?  

5. Best places to shop the loan and get the best terms.

I would appreciate any guidance on getting commercial financing with the above criteria and any answers to my questions.

I am just looking for information at this point.

Thanks.

Craig