Refi a Quad (4-plex)

[Nathan C.]

I bought 4-plex in Jacksonville for $93k. I'm having trouble with appraisals on the cashout refi.

• Comps range from $110k-130k. I believe mine is worth $115k-$120k.
• 2 appraisals came at 93-96k (they used a tri and a gut job as comps). Re-appraisal came to $102k
• 1 appraisal came at 110k but the bank is very slow and I am unsure if they will raise it if we even close the deal (SLOW).

Throughout the process I was told a few things and was hoping to confirm with the community:

• Banks have difficulty appraising 4-plexes: most appraisers do not have enough experience with every pocket of a metro AND small multifamily experience. The process of bidding out that happens to assign an appraiser may yield an appraiser that just wants the work but doesn't have the proper experience. Thoughts? Does anyone have a bank that they work with who lends in FL that works well with multi's (faster close, reasonable appraisal dispute process)?
• Appraisers have to use comps that have NEFMLS records. Since most 4-plex sales do not have this and because small multi sales are so rare in the first place, they must use comps that have NEFMLS records but are likely not appropriate. 

Bottom line, if someone has a referral to a bank or broker who can help with cashout refi of residential (not commercial) multi's, that would save me a ton of headache. I'm considering a package of 7 residential 2-4 unit buildings and separately 3 different quads but if I don't figure this out, I can see this being a struggle with every deal.