Can you this question about refinancing a 7-unit?

[John West]

I’m interested in refinancing a 7 unit property. I owe ~220,000 on the property. It was purchased just about 1 year ago so as you can imagine, very little principle has been paid down. However, since it is a 5+ unit, shouldn’t I be able to evaluate it based on cash flow? If so, the property at a cap rate of 10% would be worth $420,000 very conservatively. Even if I can only take out at 70%, that would still give me about $70k after closing costs to reinvest.

Has anyone in Maine found a lender who will refinance this way?

Can anyone else share an experience refinancing a similar property? Has the bank required a seasoning period before refinancing?