Refinance proceeds are decided by documented performance, not potential. Lenders look at trailing financials, rent roll quality, and expense credibility.
Start twelve months out. Clean up delinquency, formalize leases, and make sure every recurring charge appears correctly on the rent roll.
Expense discipline matters as much as revenue. One-time capital items misclassified as operating expense can quietly suppress valuation.
Physical condition still drives the appraisal. Deferred maintenance shows up in the inspection and in the loan terms that follow.
Present the asset like an institution would: organized financials, a clear capital narrative, and a management story a lender can trust.