Having Trouble Refinancing 4plex (our first investment property)

[Michael Breedlove]

Hey BP!

     So, my wife and I purchased our first investment property in May of 2017 (a 4plex). We comepletely renovated one unit and moved into that one unit. We've increased rents on 2 of the other 3 units and soon to be all 3 of the other units. We just recently found out that we are pregnant with TWINS. This has changed our strategy moving forward for investing. We now are in need of a bigger house for us to purchase so we can fit our 4 kids and 2 dogs. My plan was to refinance our 4plex so that we could use some of the equity to put towards our next house. I was also hoping to do some updates to our next house to build some equity with that property. But, I'm having trouble refinancing the 4plex. I'm still new to investing, but I've been told that on a multifamily property you are only able to borrow up to 70% of the total value. Because we purchased the 4plex as a Owner Occupancy...we only put down 5%. 

When we purchased the 4plex it appraised at $383k and that was our purchase price. We financed around $363k. However, we completely renovated one unit, made exterior updates and small updates to other units (paint & a/c work), increased rents, and the neighborhood has undergone some big positive changes. A new huge hospital was built just blocks away, new developments with commercial buildings and gas stations around the corner, other multifamily properties have sold 500K+), duplexes have sold 300K+, and also just a few streets over there have been some higher end condos built and sold. I have no had an official reappraisal done on the property, but I think the property will appraise for AT LEAST 450k, but I think higher. 

Any advice is greatly appreciated.