Hello,I was made aware that there is a product called a SOFR DSCR refi... it's an adjustable rate refi.

the cap doesn't really matter but the slope of the cap that matters.when we chase CRE basically we are trading the spread between 5Y bond and cap rate.This is same like buying stock, buying at 40 or 300 doesn't matter if we don't know the context, so in stock going up is better; with CRE what matter is the width spread between SOFR/5Y and fair cap rate.

why they can't just follow SOFR or 10Y so it would be cheaper.Is HELOC really the best way to retain second position or there're any other way ?

Rates are SOFR + 350, 75% advance rate, and 50% as is LTV to underlying asset.

Compare to our GP buddy that invest with 4% and floating SOFR+4 80% LTV during 2021; same apartment asset makes investor A filing bankruptcy, but the other investor B could potentially double the investment just by having the financial aspect is engineered nicely like what you suggested.

Because the only thing it actually has real control over is funding on an overnight basis; which is the manner in which banks have historically used the Federal Funds Rate (see also LIBOR and more recently SOFR). 

Rates are high currently, floating from SOFR + 300-700  or PRIME + 200 - 500 with a lot of these lenders (10% - 13%)Happy to chat on this too - DM me if interested!

So/Fr as indicated in the post.  

Sofr goes up and down, cpi almost always goes up2.