Refinancing Non-Warrantable Condo

[Ryan Terrio]

I would like to refinance a condo in Destin, FL being used as a short term rental. I found a lender who offered rates that seemed too good to be true (6.125% 7 year ARM) but found him through recommendations from others who have used him. Contacted him, and since contacting him he has been pretty hard to deal with. My wife and I invest in real estate, the stock market, and both have high paying W-2s and obviously file extensions every year on our taxes. He does not seem to want to do the work on the refi until we have a 2023 tax return filed, though he told me he could do it without the 2023 returns filed it would just be more work on his end and mine. I've done it before with other lenders and don't mind the "extra work".

Are there any known lenders out there who have a similar rate for condos currently and can work off of P&Ls and leases?

[Chris Seveney]

Quote from @Ryan Terrio:

I would like to refinance a condo in Destin, FL being used as a short term rental. I found a lender who offered rates that seemed too good to be true (6.125% 7 year ARM) but found him through recommendations from others who have used him. Contacted him, and since contacting him he has been pretty hard to deal with. My wife and I invest in real estate, the stock market, and both have high paying W-2s and obviously file extensions every year on our taxes. He does not seem to want to do the work on the refi until we have a 2023 tax return filed, though he told me he could do it without the 2023 returns filed it would just be more work on his end and mine. I've done it before with other lenders and don't mind the "extra work".

Are there any known lenders out there who have a similar rate for condos currently and can work off of P&Ls and leases?

have you looked into a DSCR loan. I am not sure you are gonna get a 6.125% rate but that is another avenue.