My mortgage lending officer told me I could put 5% down on a conventional loan on up to 4 units.

I have found that fewer big-city funds are aware of, or want to lend and be competitive in my markets due to the complexity of lending and doing inspections at a distance.

Whether it be a HML/Private lender or conventional financing, it's always a good idea to get an idea of how much a lender is willing to lend.- True, in your experience would you say that banks are eager to show?

Property was move-in ready and our experience didn't lend to having the knowledge of value-add at the time.

Specifics:Duplex, bought/rehabbed for $210K ($60K of our own money) We owe roughly $150K.ARV: $265KInterest rate on current loan: 4.875%Current Mortage/Taxes/Insurance: $1,100/moCurrent Rent: $1,200/mo each side ($2,400 gross/mo)Cashflow: $600/moWe have spoken with two credit unions (and will look into more) and here is what the numbers look like.Lender 1: Will lend 70% LTVClosing Costs (Not including an appraisal): $6,900Interest Rate: 5.75%New Mortgage/Taxes/Insurance: Roughly $1,450Cash Out Refi would be roughly $28,600New Cashflow: Roughly $250/moMoney into deal after refi: $31,400Lender 2: Will lend 75% LTVClosing Costs (Not including an appraisal): $7,000Interest Rate: 6.25%New Mortgage/Taxes/Insurance: Roughly $1,600Cash Out Refi would be roughly: $41,700New Cashflow: Roughly $100/moMoney into deal after refi: $18,250We don't necessarily need the refi money to do another deal or two this year but it would obviously help although it would decrease (I think) the amount of money lenders would be willing to give.Does it make sense to refi even though we won't get close to all of our money out of that first deal, have a much higher interest rate and decrease cashflow by over 50% or would it make sense to keep our money in that deal with the much better rate and not refinance?

@Jan Walczak I can’t speak for the Toronto market, but you are correct that based on using a Heloc for DP and a conventional mortgage you need to take into account two sets of lending payment in your calculations. 

Our long-term intention is to BRRRR this place and are wondering what the best course for lending might be.I have been considering refinancing with a HML  for 6mo with the rehab built into the loan, but was wondering if there were other less expensive options available.For example, are there lenders willing to do HEL/OC on the cash equity I’ll already have in the house despite its current state of disrepair? 

I am an investor myself, syndicator, and a principal commercial retail broker.Are you paying all cash for it?

There are also other ways to jump into larger MF such as syndication. 

Our local banks are now slowing on the lending process.