Need advise on commercial financing
I bought a commercial building 7 months back in an auction for 240k(all cash). Now the building is fully rented and has positive cash flow of 2500$/month. But all the banks I have talked to so far(both big and community banks) are telling me they will only lend 70-75% of the purchase price not the appraisal value which I think will be close to 400k. At 5.25% interest rate I can easily make payments on a 300k loan, but no one's offering me more than 180k.
Please advise if there's any other way to take out 70% of the appraisal value other than selling the building...