5+ units commercial lender lending under 500k in Alabama

[Jonathan Franchini]

Hello BP,

I own a 10 unit apartment building in Birmingham AL and I am looking to refinance. Property is worth about 450k and I owe 220k. It has been very difficult to find a commercial lender for such small loan. Most Commercial lender won't go below 1mil. I would like to keep buying more MFP in AL, but I have been running to the issue that most local lenders will not lend to out of state investors. Has anyone had this hurdle before? I have been searching and calling many lender and not luck so far. Anyone know of any programs or lenders that will finance such scenario. Thank you so much.