Mixed Use Rental Refi and Cash Out

[Clarence Watkins]

Is this a good deal? I have a refi offer of $180K at 60% LTV and at 8.375% int. for 30 years taking out 3 to 5 year balloon situation on mixed use 5-unit, 3-story, brick, 100 year old, unique, vintage building, of apartments and storefronts. It has been moderately rehabbed. The AGR is $58,000. The NOI is $37,000. The cost of financing is my concern. I am self-employed, need a no doc, stated income loan, project based only loan. What should the appraisal, loan costs, and closing costs be? Is a total of 4 points too much? It also carries a declining 5 year, 5% pre-payment penalty - Is this customary? Thank you for any thoughts, ideas, questions or advice?