Refinance residential 4-plex to commerical 5-plex

[Jakobe Smiff]

Hello, we recently purchased a 4-plex (25% down) with a basement area that was storage. We've since remodeled the basement so that it's a great single bedroom apartment. We've also remodeled several other units, increased all the rents, and redid all the landscaping. Just using the gross rent multiplier, we think we've added a ton of value into the home. We'd like to refinance in the next few years and pull out the equity to buy another investment property or home. But the conversion from a residential 4-plex to a commerical 5-plex seems challenging. How should we approach this? I believe our current lender (Fannie-Mae) doesn't do commerical loans.

Thanks!