Need cash, have 3 properties, which one to refi?

[Nathan Currier-Groh]

I'll try to provide the numbers you may need to help, but if I didn't just ask. This is not my strongest area in REI. I'd like a little more background knowledge before I talk to the bank.

Property loan information:

1. Personal residence, 30 yr fixed, principle owed $120k, value $200-300k, 
2. 4-plex, 30 yr fixed, principle owed $68k, value $140k, down payment was $25k, Lender A
3. Mixed use 2 commercial suites, 4 apartments, 30 yr variable, principle owed $57k, value $140k, down payment was $15k, Lender B

Goal:

• Finish the rehab on three of the rental units in the mixed use building. $15k
• Invest in another property. $25k

Some of my ideas about this:

• I don't really want to refinance my personal residence because our family budgeting is tight and not intermingled with the business numbers. It is on the table because it might be the best or only option.
• The 4-plex is the most stable, 2 updated units at market rate, 2 units with long-term tenants below market. Gross rent $2350.
• The mixed use is the one that needs work and probably not an option on this cycle. Refinancing this one after the rehab will be a strategy for the future.
• I have about $5000 cash-on-hand.

I was thinking of taking the 4-plex loan to Lender B, which is a local bank, and asking them to refinance the 4-plex.

Thanks for the help BP!

#cincinnati #multifamily