The only thing I can suggest is a small(ish) local bank.
Get a list of small local banks in the Dallas area. Put together a short power point presentation, and call each one. Most will tell you they're not lending on multifamily, period. You'll get a few that will meet. Then just show what you've done, explain you're looking to pull out a conservative amount of equity on a stabilized fully occupied building. If you have all the financials on you/your property, your tax returns, etc. all ready to go you'll at least stand a shot with anyone that *is* lending.
Just don't have your expectations set too high... It's not you, it's the lenders. They were not making rational decision making before -- lending to people they shouldn't. Now they're now they're not lending to people they should
The first property I bought was in an area that's extremely easy to rent, but the building had a few vacancies due to mismanagement (an 8 unit). Due to 2 vacancies, no bank would lend. This caused a great asset to be super cheap (not many buyers can pay cash, and lenders wouldn't lend). So I paid cash at a discount, filled the building, and kept it 100% full for years.
Even after years of stability, I was never able to refi. Not even at a 50% LTV.
Finally I sold it via seller financing to a buyer with 30% down. That was the best way I found to pull out equity. And because I offered seller financing, and it was stabilized, I was able to sell at a premium. The 30% the buyer put down cashed me out about 50% of my original purchase price... So it was a better "cash out" than I could have gotten from a bank. You might want to think about doing something similar. It sucks to have to sell a good property, but since banks don't recognize good properties it might be your only option.
Mar 4, 2011