Refi a second home property that has short term rentals.
Brand new to this site. Was referred by a lender. Need to do a cash out refi of my family home on the coast of Maine which we rent most of the warmer months. Need some cash to put into the property to attract renters in the shoulder seasons-May and October and November. I did a refi with a national lender in August who was good to go at 75% LTV, then just before closing told me that they were not aware that it was a rural property, based on the appraisal and thus lowered their offer to 65%LTV. Instead of walking from the table with the cash I needed to put into the property, I brought cash to the table. I closed the loan because I needed to. I have contacted the two local banks up there, but their terms were not so good. Any thoughts to get to 75-80%LTV on a property like this. Value is approximately 1 million. Thanks Scott