Cash out REFI on 6 Family in JC Heights

[Sant S.]

Hello all,

This forum has been a tremendous source of info for the past 4 years of my real estate career.  I'm seeking some help from my peers.

I purchased a 6 family in Dec of 2013.  

Fortunately I have had some minor upside in rental income and able to reduce expenses.  Cap rates have also improved in the area over the last few years.

I am desperately trying to do a cash out refi.  Talking to local commercial lenders I have had no success.  Valley National, Boiling Springs, & Provident National all have had their various reasons for not moving forward with the loan.

The financials of the property are pretty good. 

My NOI to the property is 47.5K using the aggressive appraisal approach.

(Including line items for Reserves, Management, & Miscellaneous; 4% of Gross for each item)

True NOI is around 51.5k

The area is trading around a 5.5-6 cap.

Seeking:

Market value of property around 800k, 75% LTV should put new loan at 600k

Current loan is about 335k.

Looking to cash out roughly 250k.

Want new loan to be 30 year amortization.  This will make the Debt service ratios work.  25 year Amort will be very tight.

Does anyone recommend any lenders I can contact to get this done?