Cash out Refi on SFR (ALF)
I own a SFR that hosts an assisted living facility. The rent goes up every six months, starting at 4k a month to 7k a month beginning in April on a 3 year lease. I believe the property itself is worth 720k, but based on the rent of 84k I suppose it could be worth 850k+ to a commercial lender? I owe 510k.
The reason I ask id like to cash out and purchase another property and I am curious the best way to pull some equity out. Obviously I would prefer the bigger valuation, but this is my first large deal and not sure how it might be evaluated. I am now reaching out to lenders, but just curious if any of you had any ideas. I appreciate your help!