Trying to refinance a multi family in rural area with no comps

[Aaron Sardinha]

We have a 7 unit commercial multi family located in West Enfield, ME. We own it free and clear and would like to cash out refinance it in order to purchase more properties.

We have tried on a few occasions only to be told that there are no other properties like it in the area making it impossible to determine the value. We have been told to try the local credit union that they may be able to help us. We will be applying to the local credit union next. Since recently discovering the bigger pockets forum, I wanted to share our situation to see if anyone has any other ideas

[Chris Mason]

Commercial financing relies on commercial appraisals. Commercial appraisals do not emphasize comps.