Hello,

I am hoping someone may be able to assist in some issues I have going on. Basically, I have a property which is in an LLC. I purchased it as a fixer-upper. I did all the work and now have tenants in there. At this point, I am looking to refi. I've been told the only way to get this refi'd is going commercial loans. So, I have found let's say Vendor A. While what appears to me as being a legit loan ( granted I am probably getting killed in fee's), they just came back and said they can only do the loan for a fraction of what the house has been newly appraised of due to dscr. One other thing to add is that I am currently unemployed with some reserves trying to make this my main gig.

In full disclosure, I bought the place as a bank-owned property for $165K. I put in ~$30K for repairs. The house was newly appraised for $265k.  I get $1800 a month on a two-year lease.  

The intent was to now suck as much cash out to try and do it again.  However, my lender is claiming the dscr exceeded their limits or something.  Basically putting me into an unknown position really...as I am a newbie to this.  I have other properties but this is the first one on the commercial side.

So one of many questions is, do I go with this deal? If so, what about all the equity I am leaving on/in the house? Do I try and find another commercial lender which will go beyond 1.15 DSCR which is what I believe I am at after a special request to the lender. I believe at this rate they bumped the loan amount to $185k.

Is there a better approach/method to this deal?

How do i get all the cash out to rinse and repeat?

Would all this be a non issue if I have a portfolio loan?

Any help is greatly appreciated!

Thanks!!!