IF YOUR CONTRACTOR OR A SUBCONTRACTOR FAILS TO PAY SUBCONTRACTORS, SUB-SUBCONTRACTORS, OR MATERIAL SUPPLIERS, THOSE PEOPLE WHO ARE OWED MONEY MAY LOOK TO YOUR PROPERTY FOR PAYMENT, EVEN IF YOU HAVE ALREADY PAID YOUR CONTRACTOR IN FULL.

Usually you need to put 25% down for a commercial loan, which is $375k, and then most lenders are going to require you have more cash remaining in the bank for reserves.

If you had 200k in cash in the bank account.

I'm going to say some things that might tick off any appraisers here -- when a bank orders an appraisal, the job nowadays is pretty much lowballing the properties as much as they can get away with.

It was a savvy bank person that stopped him.

As to your next / first steps....If you haven't already, I would recommend that you start talking to lenders (banks, mortgage brokers, credit unions, etc.)

The alternative to that is you could reach out to some of your smaller local banks and one of them may be able to refi faster than the 6 month time frame. 

I know people usually are satisfied with Salem Five - definitely add them to your list of banks to investigate.

None of my tenants use credit cards, they all set up direct withdrawals from their bank account. 

@Martin Nowak I would recommend using a small local bank.