Refi Question from a Newb

[Derek Bone]

I'm relatively new to this realm. I've flipped 3 houses so far, purchased some land for a spec home and recently bought my first rental property (10-2021). The rental was purchased on a conventional loan at 20% down with the intent to BRRR. I am currently owner occupying. I recently found another deal that I'm trying to close on that will be a long term (2+ year) live-in flip. This purchase will be on a VA loan. Everything is just about set but the broker came back and said because I'm attempting to purchase a second owner occupied home within a 12 month period, I will need a letter of approval from my current lender in order to proceed. The current lender declined to provide any sort of approval.

The options the broker gave me were:

 - Refi current outstanding balance as an investment property at a higher interest rate, which will cost around $7k to execute. 

 - Call the current lender and ask them to re-amortize my loan at a higher interest rate for a fee ($unk)

There are still a few things I had intended to do with this property to increase value before refinancing. What are my options? Any Suggestions?

- Derek