Refinance for the BRRRR

[Sean Julian]

I have just finished my 6 month seasoning period on my first rental. I have found only one place that will offer me a cash out refinance for a property in an LLC (arguments over whether I should have put the property in the LLC before or after the refinance are fun and all, but it's already done.) I'm being offered just over 100% ROI ($60000 into the property and $63,000 loan). But the apr is 6.35%. Seems quite high for a 30 year, commercial loan and was just wondering if I'm being ripped off and should keep looking or take the great ROI and run to my next purchase.

The two issues I'm facing are small loan amount and LLC. Neither will be changed in the short term. I'm cash flowing $500 / month after expenses so not refinancing isn't the end of the world. I'd just like to get into property 2 and beyond.

Thanks all!