Direct answer
How this refinance option works
Commercial multifamily refinancing generally applies to apartment properties with five or more units. Lenders review rent roll, collections, occupancy, expenses, repairs, taxes, insurance, value, DSCR, debt yield and sponsor qualifications.
One-to-four-unit non-owner-occupied rentals are usually evaluated through residential investment or DSCR programs instead of commercial multifamily lending. The separate investor-property page explains that route.
For five-plus-unit assets, reported NOI should reconcile to rent rolls, bank activity and operating statements. Concessions, delinquency, payroll, utilities and insurance can materially change supportable proceeds.
Cash-out may be considered when value, seasoning, income and lender rules support it. Unit count alone does not establish leverage or pricing.