Income / Debt to High to Refi

[David Vaccaro]

Hello,  new here at BP. 

I have a student rental near the University of RI.  It has at least 100K in equity.  I've had the property about 2 years and it's doing okay.  I recently tried to refi the property to pull out some cash and lower my interest rate only to find that my income to debt ratio is too high.  The company that owns the loan would not even let me just refi the property (no cash out) to save on the lower rate even though they already own the loan!  I would be saving over 300/month on the mortgage.

Any advise on a way around this road block?