A pair "problem" loans... I know I should be able to do better

[Bill Robinson]

All,

I have two loans on one property which I have been going in circles trying to figure out how to make it "better". "Better" for me is almost always focused on cash-flow. Here is the information on the loans:

1st
Principal: $54,000
Rate: 7.14%
8.5 years in on 30 years

2nd
Principal: $21,000
Rate: 7.64%
7 years in on 30 years

Note: Please don't beat me up on the original rates, I was just getting involved at this point.

The problem:

The property they are on does just fine on cash-flow, and some of the amount financed was used to buy other properties. Don't infer that the property cost me these amounts to buy and run. Unfortunately, I "would be hard pressed" (from a local appraiser contact) to get the property to appraise for $100k (even though the city assesses it at $128k).

So... all you experienced financiers and deal makers, how do I get these "better"?

Possibly useful info:
I have several other properties in the locale. All of which have a mortgage on them and are "small" mortgages because the properties themselves were inexpensive. There is some equity in every other property. These are all commercial mortgages from a local bank.

I have a solid day job and a high-end credit score.

[Bill Gulley]

With an appraisal at 100 you're at 75% LTV, what's the problem refi-ing both with the lender or another lender? I don't see that rate being that bad, being over 20% into the note you have more going to principal now.

Not sure what you mean, better for you, you'll need to consider closing costs and when you break even from any refi. Any increase in cash flow may simply be from the principal contribution that is going to youe equity. There may be cash in hand but it's not making you any richer. What is your goal with the property, going to keepit long term or sell in 3 years?