Equity pull out options

[John Bucknum]

Hello BPers, 

We are in the midst of stabilizing our first real estate investment.  its an 11 unit apartment complex that was severely distressed and empty when we bought it.  located in western PA in a college town for 300k.  We used conventional financing with 20% down and are going to be at 100k in rehab.  9/11 units completed, remaining 2 will be done in the next 3 weeks.  7/11 rented for upcoming year.  

Using the BP calculators we anticipate having minimum190k in equity built up when completely stabilized.  

  I don't know if there is typically a seasoning period for most lenders.  The current lender has a 2% early pay off penalty, with 6% mortgage for 5 years with 20 year amortization schedule. 

what are my options? 

[Tarik Turner]

On commercial properties most Lenders are going to fall between 6 to 12 months before allowing you to refi at the appraised value. 

Some may allow you to refi sooner based on the purchase price plus documented improvements 

6% on a commercial property is also a great rate..  Need to get the term up to 30 however