Refinance on a 6-unit Multifamily Property. Wait after Stabilize or Refi Now?
So I purchased a 6-unit with my friend in cash a few months ago.

We are working to get the property stabilized and will have our first month with market rents.

Is there a certain amount of time the lender will want the units at market rent or can we refinance as soon as market rents are achieved? 

I have another project that is on hold because I need the cash out of this property so I'm hoping to move quickly.

Any advice is appreciated.
[{"id": "iakt9zp", "text": "Lenders typically need a minimum of 3 months or 1 quarter of stabilized books / rent in order to perform a refinance or loan. This is because they can\u2019t lend on a property with rents and expenses having large fluctuations as it wouldn\u2019t work for underwriting purposes. If you can determine your DSCR, projected NOI, and interest rate you can discover based on that how much cash you will be able to withdrawal. I would also look into bridge financing in the future which is otherwise known as LTC (loan to cost money) as it will provide the capital for your construction and be a little more efficient.", "replies": [], "depth": 1}, {"id": "iakwsyt", "text": "You can most likely find a commercial lender that would accept signed leases for the six units and do a cash out deal now (assuming all are occupied). I do lending at a good sized CU and we\u2019d have no issue doing something as soon as the leases are signed and provided. When we base off leases, we make the assumption of a 50% expense ratio (which is based on our area\u2019s trends) on those rents from the leases to determine the cashflow for the loan.", "replies": [{"id": "iam47e2", "text": "Where are you guys located and do you lend nationwide?", "replies": [], "depth": 2}], "depth": 1}]