cash out refi on a vacation rental
I have a vacation rental that I purchased and rehabbed with a loan from a family member. The rental is performing beautifully and I would like to refi the home and pay back the borrowed money. I'm getting mostly no's from everyone I've spoken to so far. Most want want long term tenants and leases. I have had a few HML's offer to fund 65-75% LTV but for 7-12% with points and short terms. I can understand the reluctance due to the increased risk however I would think there would be a market for such a product as the vacation rental market continues to grow. Anyone have any recommendations?