LTV is good but DSCR is too low for refi
So my primary holdings are historic, multi-use properties in Louisville (KY). My partners & I bought these buildings in a state of high distress at low prices, and have been continuously & incrementally improving them over the last 8 years. We have great credit, reliable mortgage payments -- our interest rates are just too high in the present market.
Because these are long-term investments, we've never pulled a profit on our buildings. In fact, we contribute each month to capital improvements. Rental income is good now and the assets are solid (tremendously better than when purchased), but our debt-service coverage ratio is too low for underwriting of the banks we've dealt with trying to refinance. Of course, lower payments would only improve our cashflow, but this logic seems irrelevant to a loan officer.
Any suggestions?