LTV can reach 70~80% even the cap rate is only 4.0%.

@Robert BriggsSince a cash-out refi and HELOC aren’t viable options in Texas, and personal loans have high interest rates, consider a few alternatives.

Industrial vacancy rates for your size building are ridiculously low. 

@Andrew Self I would like to think that my company is the best and offers the lowest rates and closing costs, but perhaps I am bias.

Quote from @Tobias Joneses: I'm looking at the numbers and with interest rates seeking 6.5.

@Ellis Moyewe really don't know a lot about this situation since there aren't many details in your post... but i don't think this makes any sense for anyone involved here...if it's a flip that's not selling, refinancing may not solve your problem and allow you to pay back the HML in fulland typically a sub to buyer wants a low interest rate... and if you refinance now you won't be getting a low interest rate, you'll just be getting whatever the market offers.and finally.... the vast majority of loans are NOT assumable. 

Do the calculations factor in default rates?

The big difference is DSCR loans are higher interest rates.

Even at a high cap rate you've got several million dollars of market value here, so I'm curious about your base numbers.

Your primary's rate is low and instead of plowing down $88k on the rental, look for another property for your portfolio.