Best refinance strategy for commercial property
I am looking for advice on how an investor would handle the following: (property located in Connecticut)
Purchased a commercial office building. Purchase price 300K (cash). Needs about 10-15K in repairs/updates and has ability to double rent roll given the vacancies and current low rates. ARV is probably conservatively $385-425K. Main motivations for purchasing are because flipping inventory is very low and found myself sitting on too much cash. Needed to do something to operate. I also could conservatively occupy 30% of the building myself as owner occupied. I am not sure I could get to the 51% ratio.
What is the best strategy to get as much cash out of the property as possible in 6 months? Want to hold onto. From my research it appears a commercial loan is best. Not sure SBA 504 is an option.
Any thoughts?