Commercial mortgage lender recommendations?
I have a property in RI that is 5 units with a commercial mortgage at 5.49% with a 10 year balloon and 25yr amortization and I'd like to do a cash-out refi.

When I bought the property it was valued based upon the CAP rates in the area and pulled in gross rents of $5600 a month. Now it is getting gross rents of $7900 a month after I put in capital improvements.

I'd like to cash out refi to both take advantage of today's better rates, and to pull out cash for another opportunity that I have on the horizon. Ideally, I'd like to find a lender that will base my refi amount on the fact that CAP rates have gotten lower in the area since I bought and that I have improved the income of the property. I don't want a lender that is going to get some residential appraisal type person in and give me an amount based on an opinion. Basically, I want the numbers to allow for a larger cash out amount.

Does anyone have any suggestions for lenders they have worked with in the past that can help me with this and can close fast in the current climate?
[{"id": "fqacj4e", "text": "hire a debt broker.", "replies": [{"id": "fqaepqi", "text": "I realise that's an option, but what I am looking for are recommendations.", "replies": [{"id": "fqbduoz", "text": "A debt broker would have those and, they get paid by the lender", "replies": [{"id": "fqhgt5d", "text": "Sound advice from u/tyvil whom I actually know and is a great guy. Most people associate a broker with a fee and that they can spend enough time and do a loan themselves. However, all we do is find lenders so we are guaranteed to save you time, but more importantly... I know why these lenders pass for certain reasons, I know their programs, I know what they do for fun, I know how to structure with them. Now that\u2019s how you get deals done.", "replies": [{"id": "fqht51i", "text": "Exactly, all we do is talk to lenders and pitch deals. All day everyday.  We know not just what they are going to take a look at regarding your deal but how they are looking at other deals like yours in the market. You have one deal, we have 20 in the market right now getting real time feedback", "replies": [], "depth": 5}, {"id": "fqsh5ad", "text": "I'm a young debt broker pursuing commercial lending. I currently work residential lending. \n\nAny advice you can give me on starting an independent shop? \n\nThank you", "replies": [{"id": "fqthwss", "text": "Be honest 100% of your time and you\u2019d already be upper echelon. Also, work harder than your competition.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "fqcsfl3", "text": "I am a direct lender. The best advice I can give you is \"hire a competent debt broker.\" Trying to do it yourself to save money never works out.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fqahmtn", "text": "Debt broker here. Happy to help if you want to shoot me a message", "replies": [], "depth": 1}, {"id": "fqaozve", "text": "Main source of liquidity in the apt sector are the agencies. Long term fixed rate in the low-mid 3% range, depending on leverage.\n\nYou may want to consider floating rate, which will give you more prepayment flexibility if you plan to continue refinancing every couple of years to pull equity out, although I\u2019m not familiar with your market. Values may not increase quickly enough to justify. Floaters will be more expensive up front.\n\nLook up Fannie DUS lenders, browse their websites and reach out to whoever covers your market.", "replies": [], "depth": 1}, {"id": "fqazlw3", "text": "Multi-family loans are typically getting executed with a 3.5% floor rate. What\u2019s your loan amount size you\u2019re seeking? \n\nAlso keep in mind that in the current market most lenders are requesting 6 month - 1 year debt service coverage up front and that\u2019s even happening on the agency loans with class A properties. \n\nShoot me a message if you\u2019d like to discuss.", "replies": [], "depth": 1}, {"id": "fqbdqfg", "text": "The strategy you mention has been a popular one these days. Cap rates have gotten so low that many investors look for cash out refi\u2019s to pay out deal partners rather than sell a good property they bought prior to the cap rate compression and be stuck trying to reinvest the proceeds under this lower return environment.  As a result, the banks have pushed back a little.  That said, so long as your new LTV is below 70% it\u2019s not a problem.  I\u2019m in CRE consulting and don\u2019t work  with many R.I. banks, but I know a lot of banks based on the south shore in Mass that do loans in R.I. and can give you the name of several commercial bank officers that will give you a no b.s. answer upfront.  Feel free to reach out to me.", "replies": [], "depth": 1}, {"id": "fqbfhuh", "text": "Call any debt broker, Marcus Millichap, Berkadia, Walker and Dunlap, CBRE, Northmarq, or Your local bank. \n\nDepending on what goals you want would help send you in the right direction.  \n\nBest refinance loan for long term holder is HUD. The 223(f) refinance would work great as it\u2019s non recourse 35 YR fix rate, 35 year fully amortization and lowest rate possible on market. 85% LTV at a 1.18 DSCR.\n\nEdit: I am a MF developer/investor. DM me if you need specific broker contacts.", "replies": [{"id": "fqcsh49", "text": "I'm a lender and \"hire a debt broker\" is solid advice.", "replies": [], "depth": 2}], "depth": 1}]